RIO TINTO: ARGYLE ORE RESERVES DRAMATICALLY DECREASED
Rio Tinto’s 2017 annual report includes new information about the company’s most famous diamond mine – the Argyle Diamond mine in East Kimberley, Western Australia.
According to the report, estimated Argyle Ore Reserves decreased by 13Mt (million tonnes) – from 29Mt to 16Mt. These numbers includes depletion of almost 5Mt due to production activities in 2017. Therefore, Rio Tinto has adopted a “a more conservative view on future production performance, grade and economic shut-off criteria”, saying that the remaining reserves underpin the operation of the mine until 2020.
Rio Tinto added: “Following further reviews of resource development potential, and with the reduction in the Argyle Ore Reserve and the limited remaining mine life, the other mineralised deposits at Argyle do not demonstrate economic prospects and are not scheduled for production. As such, Argyle Mineral Resources, exclusive of Ore Reserves, decreased from 15Mt to 0Mt”.