Rio Tinto Increases Diamond Sales, Narrows Losses
July 31, 25
(IDEX Online) - Rio Tinto has reported an increase in first-half sales at its Diavaik diamond mine, in Canada, and said it had narrowed losses.
The global miner said revenue for the six months to 30 June was $162m, up nine per cent on the same period last year, and losses were $55m, a 13 per cent improvement on $63m.
Earlier this month Rio Tinto said production at the mine, in the remote Northwest Territories, rose by 76 per cent year-on-year during Q2 2025 (three months to 30 June) to 1.24m carats.
The company's total revenue, across all metals and minerals in 35 countries, was down 2 per cent during the half year to $6.9bn
The company acquired full ownership of the mine, 200km south of the Arctic Circle, in November 2021 after it bought out a 40 per cent stake from Dominion Diamond Mines. It is expected to end commercial production early next year.
Diavik is Rio Tinto's last diamond mine after the closure of the Argyle diamond mine, in Western Australia, in November 2020 after 37 years of production.
Pic courtesy Rio Tinto.