Rio Tinto’s diamond production at Argyle up 3% in first nine months of 2016

Rio Tinto announced that its diamond production from the Argyle mine rose 3 percent (on y-o-y basis) in the first nine months to 10.4 million carats, compared with the corresponding period in 2015.

This the mining giant attributes to continued ramp-up of the underground mine resulting in higher volumes processed, which was partially offset by lower grades.

At its Diavik mine, diamond production rose 2 percent in the first nine months to 3 million carats. Its production in the first nine months of 2016 rose 22 percent to 927,000 carats.

The company has set a diamond production guidance for 2016 between 18 to 20 million carats (previously 18 to 21 million carats).

Following the company’s release of its third quarter production results, Rio Tinto chief executive J-S Jacques said “We have delivered strong quarterly production, underpinned by improving operational performance across our Tier 1 portfolio. Output from our iron ore and bauxite assets reflects the drive for productivity and operational excellence. With a continued focus on value, we will seek further productivity improvements across the business. Our rigorous attention to cash generation, coupled with a disciplined allocation of capital remains our key focus in delivering shareholder value.”