Global mining giant Rio Tinto has announced a decline in diamond production in the third quarter of 2024.
According to a press release, the Diavik diamond mine experienced a substantial decline in July due to subsidence, which disrupted underground ore supplies.
As a result, diamond production at the mine fell 28% to 542,000 carats in the third quarter compared to the same period last year. "However, there is a glimmer of hope on the horizon," the company said. "The mine has successfully completed construction of the first phase of the A21 underground section, and commercial production has commenced." Year-on-year, diamond production at Diavik fell 26% to 1.98 million carats in the first nine months of 2024, compared to 2.68 million carats in the same period earlier in the year.
Despite the challenges, Rio Tinto remains optimistic. The company expects to fully develop the A21 underground mine before it closes in 2026. In addition, the Beyond RareTM 2024 tender was launched in October, showcasing a diverse collection of pink, red, purple and yellow diamonds.
Rio Tinto says the decline in oil production is a temporary setback for the company “as it continues to invest in its mining operations and explore new opportunities in the gemstone market.”
As for gold production, it has picked up relatively quickly after slowing in the first and second quarters, in line with the same period last year. In the first nine months of 2024, gold production reached 1.4 million ounces of gold concentrate, compared to 1.35 million a year earlier. With this, gold concentrate sales in the first nine months of this year decreased by 6,200 ounces compared to the corresponding period last year.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
