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Market NewsCommentRio Tinto's Q1 production declines

Rio Tinto's Q1 production declines

Rio Tinto said first quarter diamond production was negatively affected by bad weather and lower carat content. At Argyle in Australia, first quarter output fell 31%, compared to the same quarter last year, mainly as a result of wet weather and restricted access to high grade ore zones due to a slip in the main pit. Compared to previous quarter, production dropped 64%. At Canada’s Diavik mine, in which Rio has a 60% stake, production fell 31% compared to the first quarter of last year as extreme cold temperatures between January and the first half of March negatively impacted equipment reliability resulting in lower ore received and processed, the mining conglomerate said in a statement. Compared to the previous quarter, production at Diavik fell 39%. Murowa mine in Zimbabwe produced 52,000 carats in the first quarter, compared to 12,000 carats in the same quarter last year.

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