Rio Tinto’s diamond production up 18% in H1

Revenues from diamond operations up 12%
Rio Tinto’s diamond production up 18% in H1

Rio Tinto noted 18 percent increase in its production to 6.167 million carats of diamonds at the close of the first half of 2012. All its three mines, reported increase in production. The period closed with its diamond operations yielding 12 percent increase in revenues (on y-o-y basis) to $350 million.

The diamond operations also recorded net loss of $38 million, (the same stood at $10 million in the first half of 2011). Earnings before interest, tax, depreciation and amortization (EBITDA) ‎dropped 30 percent to $35 million.

The first six months this year recorded a slight slowdown in rough diamond demand for Rio Tinto.

The diamond unit of the company took capital expenditure to $273 million, a 69 percent increase (on y-o-y basis).


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