Argyle, in operation since 1983 on an open pit went underground since 2013 producing more than 95% of Australia’s diamonds. By end of 2017, the estimated ore reserve was 16 mn tonnes, down from 29 mn tonnes, a drop of 45% end 2016, which translates to 38.5 mn recoverable carats, at a grade of 2.4 carats per tonne of ore.
In its latest report, Mining Major Rio Tinto, owner of Argyle is reported to have said, “Shut-off criteria will be reviewed regularly against price, cost performance and demonstrated operational performance. The remaining reserves underpin the operation until 2020.”
It is reported that the possible shutdown and the subsequent impact on world supply and prices, has many prospectors looking for a new source.
Aruna Gaitonde, Editor in Chief of Asian Bureau, Rough& Polished