British-Australian mining giant Rio Tinto has reported improved performance at its Diavik diamond mine in Canada. Net losses narrowed in the first half of 2025, while diamond sales from the mine increased, the company said.
For the six months ended June 30, 2025, Diavik posted revenue of $162 million, up 9% year-on-year. The mine’s losses narrowed to $55 million from $63 million, down 13% year-on-year.
The improved performance was driven by a significant increase in production. Earlier this month, the company announced a 76% increase in production at the mine in the second quarter (April-June 2025), with production reaching 1.24 million carats of rough diamonds. Despite the positive diamond mining results, Rio Tinto’s total global revenue across all its businesses fell 2% to $6.9 billion in the first half of the year. The company operates in 35 countries.
The Diavik mine, located in the remote Northwest Territories approximately 200 kilometres south of the Arctic Circle, has been wholly owned by Rio Tinto since November 2021, following the acquisition of the remaining 40% stake from Dominion Diamond Mines. Commercial production at the mine is expected to end in early 2026.
Diavik remains Rio Tinto’s only remaining diamond mining operation following the closure of the Argyle mine in Western Australia in late 2020 after nearly four decades of production.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
