Rio Tinto Q3 does not focus diamond!

Rio Tinto lowers diamond production

In the just released third quarter Q3 production results Rio Tinto does not included diamond in its Key Points, and does not highlighted diamond production at a glance! 

Rio Tinto chief executive J-S Jacques said “We have delivered consistent operational performance in the third quarter, highlighted by strong production from the Group’s copper assets. We made strong strategic progress with the full exit from coal, the announcement of the additional $3.2 billion of share buy-backs, and the signing of a binding conditional agreement to exit Grasberg for $3.5 billion.

We continue to pursue all opportunities to improve productivity and drive enhanced cash flow generation. This, combined with the disciplined allocation of capital, will ensure we continue to deliver superior returns to our shareholders in the short, medium and long-term.”

De facto at Argyle, carat production was 19 per cent lower than the third quarter of 2017, when production was enhanced by the processing of higher grade alluvial tailings. At Diavik, carats recovered in the third quarter of 2018 were nine per cent lower than the corresponding period in 2017 due to lower grades.

The A21 project successfully mined first ore in March 2018 and is expected to reach commercial production during the fourth quarter of 2018. This fourth diamond pipe was officially opened on 20 August 2018.

According to the Rio Tinto 2018 guidance, they expected share of mined copper production for 2018 is to be at the upper end of the previously published range of between 510 and 610 thousand tonnes. Refined copper production is expected to be between 225 to 265 thousand tonnes. Diamond production guidance for 2018 is between 17 and 20 million carats.