Australian miner Rio Tinto reported a 7 per cent year-on-year decline in diamond production for the first half of 2020 mainly due to recovery of lower-grade ores. 

Output was down 4 per cent to 5.84 million carats at the company’s Argyle diamond mine in Australia as a result of an 11 per cent cut in recovered grade during the second quarter of the year, partially offset by higher tonnes mined and processed. 
 
At the Diavik diamond mine in Canada where Rio Tinto has a 60 per cent stake, production fell 17 per cent to 1.82 million carats from year-ago figures due to fewer processed tonnes and lower grade in the underground. 

Overall diamond production at the two mines reached 7.67 million carats as of June 30. 

The Argyle mine, which is owned by Rio Tinto, will cease operations before the end of the year. Closure activities will begin in 2021, according to the company.

“We continue to execute our value over volume strategy to match market demand during a challenging period for the industry,” the company said.

The miner’s 2020 diamond production target is 12 million to 14 million carats compared to 17 million carats last year.