ICYMI: Rio Tinto backing off Sask. diamonds a 'surprise,' analyst says
In its June news release announcing a transition into care and maintenance, Rio repeated that it was “pleased” with its sampling work.The market seems to be rallying around all-time high diamond prices, given recent supply shortages and sanctions against Russian diamonds, he said.
Rio’s rationale is unclear, but the company reduced its diamond production from 20 million carats in 2017 to a forecasted six million this year. The Diavik diamond mine in the Northwest Territories is the company’s only producing mine after the closure of its Argyle mine in Australia in 2020, he said.
Diavik is expected to close in 2025, and the rocks themselves account for less than roughly one per cent of Rio’s total revenue, Zimnisky added. Additionally, while former Rio CEO Jean-Sébastien Jacques was vocal about the diamond business, his successor Jakob Stausholm has been quieter on the file, he said.
“I still think will eventually get developed. If not by Rio then perhaps with another partner, perhaps a deal that includes the First Nations getting a direct stake,” Zimnisky said.The news seems to be flying at us faster all the time. From COVID-19 updates to politics and crime and everything in between, it can be hard to keep up.
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