Global mining powerhouse Rio Tinto has announced a significant decrease in diamond production for the third quarter of 2024, primarily attributed to operational challenges at its Diavik mine in Canada. A subsidence event in July disrupted underground ore deliveries, leading to a notable impact on production levels.
In the third quarter, rough diamond production at the Diavik mine fell by 28%, totaling 542,000 carats compared to the same quarter last year. Year-to-date production also saw a decline of 26%, with output reaching 1.98 million carats in the first nine months of 2024, down from 2.68 million carats during the same timeframe in the previous year.
Despite these challenges, Rio Tinto is optimistic about the future. The company has successfully completed the development of Phase 1 of the A21 underground project, which has now entered commercial production. This phase is expected to play a crucial role in boosting output in the coming years, with plans to fully mine the A21 underground before its closure in 2026.
In an effort to maintain interest and showcase its unique offerings, Rio Tinto also launched its 2024 Beyond Rare™ Tender in October, featuring an exclusive collection of rare diamonds in hues of pink, red, violet, and yellow.
The current decline in production is viewed as a temporary challenge for Rio Tinto, which continues to focus on investing in its mining operations and exploring new opportunities within the gemstone market. With these efforts, the company aims to rebound and solidify its position as a leader in the diamond industry.
