Tuesday, November 3, 2020

Rio Tinto closes Argyle diamond mine

Over 37 years, the Western Australia mine has produced 865 million carats of rough diamonds and become the main source (about 90%) of the world’s prized pink diamonds.

The closure of Argyle will remove about 75% of Rio’s diamonds output, yet the impact on Rio Tinto earnings will be negligible. Diamonds bring in only about 2% of earnings of the iron ore giant.