Thursday, 20 April 2017

Argyle production way down in 2016

Rio Tinto’s Argyle mine in Australia yielded a sharply reduced volume and lower grade of ore in 2016. Argyle’s production was down 11% to 3.016 million carats. Argyle’s operations shifted underground in 2013, helping extend the life of mine to 2021.
The miner said in a statement that estimated mineral resources dropped sharply last year. It reduced the estimate by 66 percent to 15 million tonnes in 2016. The company processed 5.1 million tonnes last year.

The decision to slash Argyle’s resources all but rules out any extension to existing operations beyond 2021, and even that end date could be brought forward. The Argyle mine produces more than 90 per cent of the world’s pink and red diamonds.