Rio Tinto, a global mining giant, has announced a decrease in diamond output in the third quarter of 2024. In July, a subsidence event delayed underground ore supplies at the company’s Diavik mine in Canada, causing substantial setbacks.
As a result, Diavik‘s Q3 rough production fell by 28%, totaling 542,000 carats, when compared to the same period previous year. However, there is a ray of optimism on the horizon. The mine has successfully completed Phase 1 of the A21 underground project, and commercial production has begun.
Diavik‘s diamond production fell by 26% year on year, hitting 1.98 million carats in the first nine months of 2024, compared to 2.68 million carats in the same period last year.
Despite the hurdles, Rio Tinto is optimistic. The business intends to entirely mine the A21 underground before closing in 2026. In October, they also debuted the 2024 Beyond RareTM Tender, which featured a unique assortment of rare pink, red, violet, and yellow diamonds.
The fall in diamond production is only a temporary setback for Rio Tinto, which will continue to invest in its mining operations and explore new prospects in the gemstone market.