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Rio Tinto reports $127m loss for 2024 from Diavik mine

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Rio Tinto reported a $127m loss for 2024 from its Diavik diamond mine, in Canada, as weak market conditions led to “fixed cost inefficiencies”. That compares with underlying earnings of $26m in 2023. Rio Tinto’s diamond sector generated $297m of revenue during the year, a 37 per cent drop on $444m the previous year. Rio Tinto reported a 17 per cent drop in production, from 3.3m carats in 2023 to 3.4m carats in 2024.

The British-Australian multinational emailed over 1,300 employees last September, offering them voluntary separations to reduce operating costs as it prepares to close the mine next year.In its Full Year Results 2024 the company noted the tragic loss of four Diavik workers and two air crew when a plane headed for the mine crashed last January.

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DiamondBuzz

Botswana  Stepping Up Diplomatic Efforts To Complete The Removal Of US Tariffs

Botswana Leverages Critical Minerals To Push For The Full Removal Of US Tariffs On Diamond Exports

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Botswana is stepping up diplomatic and trade efforts to secure the complete removal of US tariffs on its diamonds and other key exports, underscoring the move as vital to regaining its competitive edge in the global market. Minerals and Energy Minister Bogolo Kenewendo has reiterated the government’s firm stance that negotiations will continue until all tariffs are eliminated.

Currently subject to a 15% tariff—down from a steep 37% imposed in April 2025 and later reduced in August—the country has formally submitted its proposals and requests to the United States and is awaiting a response. The government has maintained a consistent position that the remaining tariff continues to hinder Botswana’s export potential, particularly in the diamond sector, where it ranks as the world’s second-largest producer after Russia.

To strengthen its negotiating position by positioning itself as a reliable supplier of both diamonds and essential minerals, Botswana aims to become the first African diamond-producing nation to achieve a tariff-free trade arrangement with the US, a move that could significantly enhance its long-term trade prospects and economic resilience.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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