British-Australian mining giant Rio Tinto has reported a loss of $127 million for 2024 at its Diavik diamond mine in Canada. The company said weak market conditions had led to “fixed cost inefficiencies.”
That compares with an underlying profit of $26 million in 2023. Rio Tinto’s diamond sector revenue was $297 million last year, down 37% from $444 million a year earlier.
In September last year, the company notified more than 1,300 employees of massive layoffs to reduce operating costs as it plans to close the mine next year.
In its 2024 annual results, the company noted the tragic deaths of four Diavik workers and two crew members when a plane crashed in January last year en route to the mine.
Rio Tinto reported a 17% drop in production, from 3.3 million carats in 2023 to 2.8 million carats in 2024.
The company acquired full ownership of the mine in November 2021 after buying a 40 percent stake from Dominion Diamond Mines.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
