DiamondBuzz
Rio Tinto reports $127m loss for 2024 from Diavik mine
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.
DiamondBuzz
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
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