Archive

  • Rio Tinto is offering voluntary early termination to workers at its Diavik diamond mine as part of cost-saving measures and with the mine's planned closure in 2026 ahead. The initiative aims to address challenges in the diamond industry while downsizing its workforce, though some employees will stay until 2029 to assist with the closure process. Despite industry difficulties, Rio Tinto remains optimistic about strong demand for Canadian diamonds and is committed to safe production, workforce obligations, and responsible closure of the mine. Diavik currently employs over 1,200 workers.

  • In January of this year, a plane crashed in Canada, with several workers from Rio Tinto's Diavik mine on board. The mining company subsequently decided to temporarily pause operations at the mine to give its workers sufficient time and space to process this tragic accident. This temporary halt in operations caused diamond production to drop 28% in the second quarter compared to the same period last year.

  • Australian mining company Rio Tinto announced they appointed Angela Bigg as president and chief operating officer of the Diavik diamond mine. She will be the first female to lead the mine and its 1,100 employees. She joined the Diavik team in November 2017 as vice president, Finance. Angela Bigg will succeed Richard Storrie, who left the company after 26 years.

  • Rio Tinto has ended speculation about a potential move to acquire Dominion Diamond Mines' 40% share in the Diavik mine in Canada's Northwest Territories, which would give the global miner full control of the mine in which it currently owns a 60% stake. According to a May 28 court filing, Rio "does not seek to bid" on Dominion's stake, nor does it intend to acquire Dominion's Ekati mine.

  • Rio Tinto's diamond division recorded a $21 million loss for FT 2019 as its revenues fell 11% to $619 million from $695 million a year earlier, according to the company's Annual Results released on Wednesday. Earnings before interest, tax, depreciation and amortization (EBITDA) tumbled by 50% to $151 million from $301 million in 2018.