Rio Tinto released its production update for the quarter ended September 30, 2017 (Q3 2017), reporting that its diamond production rose by 34% to 5.93 million carats as compared to the same quarter a year earlier (Q3 2016: 4.42 mn cts). The rise in production was 37% as compared to the previous quarter (Q2 2017: 4.34 mn cts)

The miner said that at Argyle, third quarter carat production was 4.76 mn cts or 36% higher than the 3.49 mn cts produced in Q3 2016 and 48% above the 3.22 mn cts in Q2 2017. It attributed the rise to the processing of higher grade alluvial tailings.

At Diavik, Rio Tinto’s 60% share of production stood at 1.18 mn cts in the third quarter of 2017, or 27% higher than the 0.93 mn cts produced in the corresponding quarter in 2016 and  5% above the 1.12 mn cts produced in Q2 2017 on account of higher recovered grades. The Company added that development of the A21 pipe remains on schedule.

For the first nine months of 2017, Rio’s diamond production rose 8% y-o-y to 14.42 mn cts. This included 10.99 mn cts produced at Argyle (up 6% y-o-y) and 3.43 mn cts at Diavik (up 14% y-o-y).

Rio Tinto said that its diamond production guidance for 2017 has been revised to between 19 and 22 mn cts (previously 19 to 24 mn cts).