Murowa Diamonds production up

HARARE - Global mining group Rio Tinto(‘s) Zimbabwe-based Murowa Diamonds (Murowa)’s production increased by three percent to 322 000 carats in 2013.

Murowa’s fourth-quarter production stood at 105 000 carats, a seven percent increase compared with the same quarter in 2012.

In June last year, Rio Tinto reversed its decision to dispose of its diamond operations after the market failed to meet its asking price.

The move disappointed seven potential suitors who had been linked to the takeover of part of or the entire Rio Tinto stake in Murowa.

Rio Tinto, which has listings on the London, New York and Australian stock exchanges, grew its global diamond production by 22 percent year-on-year to 16,027 million carats in 2013.

Its total diamond production in the fourth quarter of 2013 also rose 38 percent to 4,498 million carats compared with the same quarter in 2012, the miner announced recently in a press release.

The company’s Argyle diamond mine in Western Australia produced 11,359 million carats in 2013, representing a 34 percent year-on-year increase.

The mine recovered 3,153 million carats in the fourth quarter, a 57 percent increase compared with the same quarter in 2012, thanks to increased ores processed and higher grades following the commissioning of an underground operation earlier in the year, the company said.

Its Diavik mine in Canada recovered 4,346 million carats in total in 2013, the same as 2012.

Its fourth-quarter production, however, rose nine percent year on year to 1,24 million carats, a result of an increase in tonnes processed as the underground mine ramped up to its full production, the company said, despite the fact that the production was partly offset by lower grades processed.

Meanwhile, the mining giant is raising its annual dividend by 15 percent after adjusted profits increased last year to $10,2 billion on a strong turnaround in its Canadian-based aluminium division.

The world’s second-largest miner said Thursday that its underlying earnings increased 10 percent to $5,53 cents per share on record production in some metals as well as cost reductions and layoffs across its operations.

Comments (2)

Well done former employer!

Kauchy - 18 February 2014

Please send me more information about this Company. I will be able to invest in diamonds Murowa.

Elena - 9 November 2014

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