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  • The Diavik mine in Canada (Photo courtesy: Rio Tinto)

Rio Tinto Production Jumps After Diavik Buyout


Rio Tinto reported a double-digit diamond production growth in 2022 after the Australian miner took full ownership of the Diavik diamond deposit in Canada. 


According to the company, its total diamond production grew 21 percent from 3.84 million carats in 2021 to 4.65 million carats for the full year of 2022. The output in fourth quarter rose 14 percent from 1.15 million carats in Q4 2021 to 1.31 million carats in Q4 2022.


Rio Tinto assumed 100 percent control of Diavik in November 2021 following the inability of its joint-venture partner, Dominion Diamond Mines, to pay its share of the assets upkeep. Previously, Rio Tinto owned 60 percent of the mine, with Dominion holding the remainder. A decline in ore processing offset the positive impact of the larger stake, the company explained.


Diavik is Rio Tinto’s sole diamond mine following the closure of Australia’s Argyle mine in November 2020. The company plans to produce between 3 million and 3.8 million carats of rough from Diavik in 2023. The figure, which is well below last years total, reflects the winding down of the Canada deposit, which is due to reach its end of life in 2025. 





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