Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future

Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...

28 october 2024

Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki

The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...

14 october 2024

James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration

London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...

07 october 2024

Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products

Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...

30 september 2024

Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices

The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...

23 september 2024

Rio Tinto Diamonds gross revenue up 15% in 2017; 20% increase in production

08 february 2018
On 7, Feb 2018, Rio Tinto Group released its annual results for 2017 revealing strong operational performance across most of its mining business, registering an operating cash generation of $13.9 bn, record full-year dividend of $5.2 bn and an additional $1 bn share buy-back.
Rio Tinto's diamond mining company, Rio Tinto Diamonds reported 15% increase in gross revenue to $706 mn as against $613 mn in the year 2016; and a 20% rise in EBITDA to $287 mn in comparison to $239 mn in 2016, due to 20% increase in production from the previous year. Net earnings for the year almost doubled to $92 mn from $ 47 mn in 2016.
Rio Tinto Diamonds, which owns 100% of the Argyle mine in Australia and 60% stake in the Diavik mine in Canada registered a rise in carat production from 17.95 mn cts in 2016 to 21.63 mn cts in 2017. The higher carat production at Argyle was attributed to the additional processing of higher grade alluvial tailings, while the increase at Diavik was due to higher grades recovered by the miner.
According to the results, development of the A21 pipe at Diavik remains on schedule and within budget. While dike construction and de-watering are complete, production is planned for mid-2018. Rio Tinto also announced that its diamond production guidance for 2018 is between 17 and 20 mn cts.

Aruna Gaitonde, Editor-in-Chief of Asian Bureau, Rough & Polished