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.
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
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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