In its half-yearly financial update, released on July 31, the Australian mining giant revealed a significant decline in diamond operations, contrasting with an overall increase in profits.
While Rio Tinto posted a 15 percent rise in total profits, reaching $5.8 billion for the six months ending June 30, its diamond sector experienced a notable setback. The Diavik mine reported a loss of $65 million, a sharp decline from the $44 million profit recorded during the same period in 2023.
The company noted a 40 percent drop in diamond sales revenue, falling from $250 million to $149 million, while production decreased by 25 percent, from 1.924 million carats to 1.441 million carats. The Half Year Results briefly mentioned "lower volumes" but did not provide further details.
Earlier this month, Rio Tinto acknowledged that Diavik's production had fallen by 28 percent in Q2. The decline was attributed to challenges related to the transition to underground operations and a tragic plane crash in January that resulted in the deaths of four workers and two crew members. The accident involved a chartered Jetstream twin turboprop airliner that crashed shortly after take-off from Fort Smith Airport.
