Rio Tinto dips in net revenues

The diamond division of Rio Tinto earned an increased gross sales although its net revenues showed a decline for the first six months of 2007. The gross revenues of $445 million have increased 8.2%, while the capital expenditure has increased by 123% to $232 million. Consequently, the net revenues have dipped by 18% to $93 million compared to $113 million a year ago.

The performance of its Argyle mines earned $29 million, short by $12 million and its Diavik mines made an earning of $64 million a low by 9% compared to the first half of 2006, and included a $21 million release of deferred tax provisions following a reduction in the Canadian corporate tax rate. The Murowa mine broke even compared with earnings of $2 million for the same period of 2006.