Famed for just fistful of coveted pink and red gems, world’s biggest diamond mine is being shuttered by Rio Tinto Group after almost four decades. It yields each year than being a major producer of lower quality stones.
Rivals from Russia to Canada hope that can help turn around the stressed industry. Rio’s head of copper and diamonds, Arnaud Soirat said that about 2,600 kilometres (1,600miles) northeast of the state capital Perth, production at Argyle is currently planned to conclude before the end of next year after finally fatiguing its supply of economically viable stones.
In an interview on Friday at the mine site, Soirat said, “There is going to be a fair bit of supply which is going to come out of the market. In late 2020 we’ll be stopping operations and will start the rehabilitation of the site.”