07 Dec 2019
DiamondWorld Directory
Home |
Rio Tinto’s diamond production up 25% in 2015
Earnings drop 30%
By: Diamond World News Service
Feb 12 2016 8:37AM
Reference: 12676  

In 2015, Rio Tinto’s diamond production grew 25 percent to 17,392,000 carats from 13,872,000 carats in 2014. The company attributed this to the higher volumes at Argyle from the continued ramp-up of production from the underground mine offsetting lower carats recovered at Diavik.

In 2016, Rio Tinto expects diamond production to be at 21 million carats

In the year, in June, the company completed the sale of its interest in the Murowa diamond mine in Zimbabwe.

For the full year 2015, the company’s earnings slipped 30 percent to US$189 million from US$269 million in 2014. This was attributed to weak industry rough diamond prices, driven by lower demand from India and China, higher rough and polished diamond inventory, and lower trade manufacturing margins. In its developments, the company noted that development of the A21 kimberlite pipe at Diavik is advancing as planned and will provide an important source of incremental production to maintain current volume levels up to the end of mine life. First production at A21 is expected in 2018.

Rio Tinto chief executive Sam Walsh said “Against a highly challenging environment, Rio Tinto delivered a strong performance in 2015 with underlying earnings of $4.5 billion.” He further noted that, “The continued deterioration in the macro environment has generated widespread market uncertainty. We are embarking on a new round of proactive measures to cut our operating costs by a further $1 billion in 2016 followed by an additional goal of $1 billion in 2017. We are also reducing our capital expenditure to $4 billion in 2016 and $5 billion in 2017, an overall reduction of $3 billion compared with our previous guidance.”

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Search News by City
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 22482
GJEPC Chairman Interview
Views: 20536
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 27727
Promo for IJ Awards 2012 at NDTV Profit
Views: 40652
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 44396
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 17460
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 42531
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 40281
Finestar Diamonds
Member of:
Supporter of: