The world’s biggest diamond mine—famed more for the fistful
of coveted pink and red gems it yields each year than being a major producer of
lower-quality stones—is being shuttered by Rio Tinto Group after almost four
decades. Rivals from Russia to Canada hope that can help turn around the
beleaguered industry.
Rio’s Argyle mine in remote Western Australia has transformed the sector since
1983 when the operation began supplying gems for both ends of the market. RBC
Capital Markets and Panmure Gordon are among brokers, banks and competitors
forecasting the closure could kick-start prices that have waned since 2011,
according to PolishedPrices.com, an industry data provider.
Production at Argyle, about 2,600 kilometers (1,600 miles) northeast of the state capital Perth, is scheduled to end before the end of next year after finally exhausting its supply of economically viable stones, said Arnaud Soirat, Rio’s head of copper and diamonds.
Read more about the closing of the mine, where about 90% of pink diamonds—some of the world’s most expensive gems—are found, on the Bloomberg website HERE (https://www.bloomberg.com/news/features/2019-07-12/the-world-s-biggest-diamond-mine-is-closing)
