World’s second-largest miner, Rio Tinto exits diamonds after half a century

Rio Tinto has closed its last diamond mine, ending more than 50 years in the business as the world’s second-largest miner sharpens its focus on copper, iron ore, aluminium and lithium, said Bloomberg News.

The Diavik mine in Canada’s Northwest Territories has delivered its final production, with remaining stones to be cut and polished ahead of auction. Diavik was an engineering feat, built beneath a frozen lake and shielded by steep retaining walls. Its largest stone, a yellow diamond weighing 552.74 carats, remains the mine’s most celebrated find.

Rio’s diamond exit follows the 2020 closure of its Argyle mine in Western Australia, which was renowned for rare pink gems that commanded significant premiums. Argyle’s discovery began with geologists spotting diamonds in giant anthills in the Kimberley region.

“Forty years ago, there were very few people who believed there were diamonds in Canada,” said Sophie Bergeron, MD of Rio Tinto Iron & Titanium and Diamonds. “To arrive at this milestone has required vision, courage and determination.”