Rio Tinto production up 23% in Q2

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 Rio Tinto production up 23% in Q2Rio Tinto has announced its production figures for the second quarter of the year as well as for the first half of the year 2015.

In the said three months, its production rose 23 percent on y-o-y basis, with total carats produced being 4.70 million carats (3.83 million carats in Q2 2014). Production during the first half resulted in a rise of 18 percent to 8.85 million carats (7.48 million carats).

The mining giant noted that production was up despite selling its stake in the Murowa mine in June, which saw a sharp drop in production during this period. Production in the diamond business was in tandem with the overall stronger Q2 trend that the miner reported across most commodities.

Rio Tinto chief executive Sam Walsh said “We have maintained our emphasis on efficiency and protecting returns, which is reflected in this solid production performance. We have also delivered three significant achievements within our growth portfolio.” He further added that, “Our combination of world-class assets, financial strength, and operating and commercial excellence provides a sound base to continue to generate sustainable returns for our shareholders.”

The production at Argyle mine rose 37 percent in Q2 in 2015 to 3.37 million carats and rose 34 percent on y-o-y basis in the six months this year to 6.58 million carats, which the company attributes to the continued ramp up of production from the underground mine. The production at Diavik mine in the first half resulted in lower carats, reflecting lower ore availability. Diavik production in the three months stood at 1.29 million carats, indicating a 43 percent increase on y-o-y basis.



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