Global mining giant Rio Tinto has reported a significant drop in diamond production for the third quarter of 2024, mainly due to operational issues at its Diavik mine in Canada. A subsidence event in July disrupted underground ore deliveries, severely affecting production.
In the third quarter, rough diamond output at the Diavik mine fell by 28%, totaling 542,000 carats. This was a sharp decline from the same period last year. For the first nine months of 2024, production also dropped by 26%, reaching 1.98 million carats, compared to 2.68 million carats during the same period in 2023.
Despite the setback, Rio Tinto remains optimistic about future growth. The company recently completed Phase 1 of the A21 underground project, which has now entered commercial production. This phase is expected to significantly increase output in the coming years, with plans to fully mine the A21 underground before its scheduled closure in 2026.
Additionally, Rio Tinto is working to maintain interest in its products by launching its 2024 Beyond Rare™ Tender in October. This exclusive collection features rare diamonds in shades of pink, red, violet, and yellow.
Rio Tinto views the decline in production as a temporary challenge and continues to invest in its mining operations. The company is focused on exploring new opportunities in the gemstone market, aiming to recover and strengthen its position as a leader in the diamond industry.
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