Rio Tinto acquires all of the shares in the Diavik Diamond Mine

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Rio Tinto has become the sole owner of Diavik Diamond Mine in the Northwest Territories of Canada, having completed the acquisition of the 40% share held by Dominion Diamond Mines.

Located approximately 300 km north-east of Yellowknife, the Diavik Diamond Mine employs over 1,100 employees, of which 17% are Northern Indigenous people. The mine, which produced 6.2 million carats of rough diamonds in 2020, is expected to production in 2025.

Rio Tinto has operated Diavik since production commenced in 2003.

The Company’s Minerals Chief Executive Sinead Kaufman said its high-end, predominantly white gem quality diamonds with Canadian provenance “continue to be in strong demand in all established and emerging consumer markets”.

“Diavik will now move forward with certainty to continue supplying customers with high quality, responsibly sourced Canadian diamonds and making a significant contribution to the Northwest Territories of Canada and local communities,” Mr Kaufman continued.

“As owner and operator, Rio Tinto is committed to delivering Diavik’s eventual closure safely and responsibly, to leave a positive legacy in consultation with our community and government partners.”

Image credit: https://www.riotinto.com/operations/canada/diavik