Posted in | News | Diamond | Mining Business

Huge Injection of Cash for Argyle Diamond Mine

The Argyle diamond mine in Western Australia is going to receive an injection of cash to the tune of $803 million from Rio Tinto for major upgrades.

The mining giant said that the completion of the underground project at Argyle was put on hold in 2009 but is now back on track.

Argyle is an open pit operation as of now and the underground extension will be operational by 2013. This is expected to boost the life of the mine until 2019. It will also help Rio Tinto to meet its production goal of 9 million tonnes annually within two years.

The Argyle mine is the largest diamond mine by volume and produces the bulk of the world's pink diamonds. It was started in 1985 and its production has reached above 760 million carats since then. The mine is located in the Kimberley region in the far northeast of the Australian state of Western Australia. It is located to the southwest of Lake Argyle in the Matsu Ranges, about 550 kilometres southwest of Darwin.

The mine is also notable for being the first successful commercial diamond mine exploiting a volcanic pipe of lamproite, rather than the more usual kimberlite pipe.

Argyle Diamond Mine near Kununurra, Australia

The Chief Executive of Rio Tinto Diamonds and Minerasl, Harry Kenyon-Slaney said that the planned investment of $803 million will underline the confidence of the company in the world's diamond market. The recovery of which and the long term industry fundamentals remain healthy.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Rio Tinto plc. (2019, February 18). Huge Injection of Cash for Argyle Diamond Mine. AZoMining. Retrieved on February 24, 2024 from https://www.azomining.com/News.aspx?newsID=324.

  • MLA

    Rio Tinto plc. "Huge Injection of Cash for Argyle Diamond Mine". AZoMining. 24 February 2024. <https://www.azomining.com/News.aspx?newsID=324>.

  • Chicago

    Rio Tinto plc. "Huge Injection of Cash for Argyle Diamond Mine". AZoMining. https://www.azomining.com/News.aspx?newsID=324. (accessed February 24, 2024).

  • Harvard

    Rio Tinto plc. 2019. Huge Injection of Cash for Argyle Diamond Mine. AZoMining, viewed 24 February 2024, https://www.azomining.com/News.aspx?newsID=324.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.