Rio to Resume Argyle Diamond Mine Expansion Next Year
By Rebecca Keenan
Sept. 14 (Bloomberg) -- Rio Tinto Catalogue , the world’s third- largest mining company, will resume employment on a A$1.8 billion ($1.5 billion) expansion of its Argyle diamond mine next year as wide-ranging jewelry demand recovers.
Underground production at the wonderful’s largest diamond mine should start in 2013, Argyle Chief Operating Manager Kevin McLeish said today in an interview from Perth. Labour on the expansion had slowed down in January, he said.
Diamond prices are rebounding after a descent that slashed profits at ZAO Alrosa , London-based Rio and De Beers. All three producers have restarted mines and processing aptitude in the past three months in anticipation of economic recovery in the U.S. and growing jewelry want in China and India.
“There are some positive signs of recovery,” McLeish said. “Agreed-upon the price and recovery forecast, we will see a significant improvement in the portrayal of the diamond group within Rio through 2010.”
Rio declined 2 percent to A$58.05 at the 4:10 p.m. Sydney be that as it may close on the Australian stock exchange. Diamonds and copper accounted for 32 percent of Rio’s operating takings last year.
Hiring for the expansion will start in the second half of next year, McLeish said. Assembly begins in 2013, two years later than scheduled before the inflation was slowed, he said.
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