Rio Tinto Opens Fourth Mining Pipe at Diavik Diamond Mine
August 21 2018 - 04:51AM
Dow Jones News
By Oliver Griffin
Rio Tinto PLC (RIO.LN) said Monday that it has opened a fourth
diamond pipe at its subarctic Diavik Diamond Mine in Canada's
Northwest Territories.
The Anglo-Australian miner said the new open-pit pipe, known as
A21, will provide an important source of incremental supply over
the next four years to sustain production levels at the mine.
The pipe opening follows a four-year construction period and an
investment of $350 million which was 60% funded by Rio, the mine's
operator, and 40% by joint-venture partner, Dominion Diamond
Corporation.
Arnaud Soirat, CEO of Rio Tinto's copper and diamond business,
said the investment to sustain production reflects the strong
outlook that the company sees for the diamond industry.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
August 21, 2018 04:36 ET (08:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Mar 2023 to Mar 2024