Rio Tinto reported net earnings of $19 million on gross revenue of $340 million from its Diamond mining operations over the first six months of this calendar year. This is a 13.6 percent drop from the $22 million earned on gross revenue of $342 million over the first six months of 2016.
Pre-tax earnings for the first half of 2017 stood at $97 million, as against the $121 million earned in the first six months of 2016.
The figures include Rio Tinto’s fully-owned Argyle mine in Western Australia and its 60 percent share in the Diavik mine in Canada’s Northwest Territories.
The company reported that rough diamond demand was solid in the first half of this year as factories in India increased manufacturing capacity based on an improved outlook in key emerging markets, resulting in re-stocking activity throughout the pipeline.
Diamond production however, was five per cent lower than the first half of 2016 due to lower ore volumes processed at Argyle following wet weather and additional maintenance. This was partly offset by higher carats recovered at Diavik due to higher processed volumes and an increase in recovered grades.
Rio Tinto said the development of the A21 pipe at Diavik remains on schedule and within budget.
https://www.gemkonnect.com/news/rio-tinto-diamonds-h1-net-earnings-136-19m-revenue-340m