SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeSourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024
Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
Rio Tinto, which owns and operates Canada’s Diavik Diamond Mine, reported that production at the mine, pictured here in warmer months, dropped 17 percent last year while revenue was down 37 percent. (Photo courtesy of Rio Tinto)
London—Production at Canada’s Diavik Diamond Mine fell 17 percent last year amid weak global demand for diamonds, a tragedy at the mine, and a transition to underground operations at one of the mine’s pipes.
Rio Tinto reported last week that production at Diavik totaled 2.8 million carats in 2024 compared with 3.3 million carats in 2023.
The company said the January 2024 plane crash near the mine that killed four workers and led the company to temporarily halt operations impacted production, as did the end of open-pit mining at the A21 pipe.
Revenue from Rio Tinto’s diamond unit fell 37 percent to $444 million compared with $279 million in 2023 and it slipped into the red, reporting a loss of $127 million. In 2023, the division recorded underlying earnings of $26 million.
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Rio Tinto reported last week that production at Diavik totaled 2.8 million carats in 2024 compared with 3.3 million carats in 2023.
The company said the January 2024 plane crash near the mine that killed four workers and led the company to temporarily halt operations impacted production, as did the end of open-pit mining at the A21 pipe.
Revenue from Rio Tinto’s diamond unit fell 37 percent to $444 million compared with $279 million in 2023 and it slipped into the red, reporting a loss of $127 million. In 2023, the division recorded underlying earnings of $26 million.
In its annual results, released Feb. 19, Rio Tinto also mentioned the “weaker” market for diamonds, which is affecting mining companies across the board.
Last week, De Beers Group reported a 22 percent drop in production and a 23 percent decline in revenue in 2024, while the CEO of Petra Diamonds resigned amid a 30 percent drop in sales.
Rio Tinto has been the sole owner and operator of Diavik since November 2021.
It is the company’s only diamond mining operation following the 2020 closure of the Argyle mine in Western Australia.
The company said last week that it expects to spend approximately $1 billion a year on closure activities at mining sites that are no longer active, including Argyle.
Rio Tinto also noted that it has exploration projects underway for eight commodities in 17 different countries including searching for diamonds in Angola.
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