Rio Tinto Q3 Production Slowly Recovering

(IDEX Online News) – Rio Tinto’s third quartet diamond production increased 29 percent compared to production in the second quarter of 2011, however remains flat year-over-year.

Argyle rough diamond production increased 46 percent compared with the previous quarter, but declined 5 percent compared with the corresponding period in 2010. Rising production follows stabilization of the operation after the impact of heavy rains and flooding in March, the company reported in a third quarter operations review.

Diavik production was eight percent higher than both the previous quarter and the third quarter of 2010, driven by increased ore throughput, although this was partly offset by lower grades.

In the first nine months of 2011, production declined 18 percent to 8.8 million carats.

Rio Tinto expects its 2011 share of production to be 13 million carats.