Rio Tinto to invest $803 million in Argyle diamond mine

14 Sep 2010

1

Rio Tinto, the world's third-largest mining company plans to invest $803 million (A$859 million) to ramp up the underground block cave project at its Argyle Diamond Mine in Western Australia.

Argyle is the world's largest producer of pink diamonds producing more than 90 per cent of global supplies of pink diamonds, a gem that is considered trendy in India.

The mine also produces a significant amount of champagne and cognac diamonds, as well as white diamonds.

Rio Tinto had started production from the Argyle mine in 1985 and has since produced more than 760 million carats. It is the largest supplier of gem diamonds to the jewellery market in Japan, southeast Asia and the US.

In 2005, the miner began to construct an underground mine or block cave mine below the existing open pit mine as it is an efficient technique that uses gravity to extract ore with high level of automated mining technology and also extends the life of the mine to at least 2019.

The UK-based company had slowed down the project last year due to the global financial crisis but with the diamond market on the road to recovery, Rio Tinto said that it will ramp up production as it expects strong demand from emerging markets like China and India.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers