World's biggest pink diamond mine shuts down after exhausting 'economic reserves'

Australia's longest operational diamond mine in the remote Western Kimberley region announced on November 2 that it has exhausted its economic reserves and hence will be shutting down after 40 years of a successful business. The iconic Argyle mine that holds a record of producing  865 million carats of rough diamonds, including rare pink and blood diamonds celebrated its final day after diamond production that totaled 138.2 million carats (MCTs) in 2019 dropped drastically, according to the latest figures released by the Kimberley Process (KP).

In an official release, Arnaud Soirat, Rio Tinto’s chief executive of Copper & Diamonds said, “Fifty years ago there were very few people who believed there were diamonds in Australia – even fewer could have foreseen how the Argyle story would unfold." He added, "To arrive at this final chapter has required vision, courage, and determination to overcome significant challenges to enter new territory in diamond exploration, mining, and marketing." Argyle ore body, a single pipe known as AK1, was discovered in October 1979 and its alluvial operations began in 1983. Meanwhile, Argyle mine became a fully underground operation in 2013. Known as the world’s largest producer of coloured diamonds, the mine's employees and traditional owners finally bid the operations farewell as they came together in a ceremony to mark the end of the historic milestone.

Speaking about its buiness of rare diamonds, Rio Tinto chief executive of Copper and Diamonds, Arnaud Soirat said that Rio Tinto’s Argyle mine was "first and only ongoing source of rare pink, red and violet diamonds in the world" with extremely limited global supply and supports for the significant value appreciation for Argyle pink diamonds.

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Event marked closure of all operations

“Today Argyle’s influence stretches into many spheres and over many continents and I am very proud to acknowledge all those people who have contributed to the discovery and development of the mine and the production of some of the finest diamonds the world has ever seen," Rio Tinto’s chief executive said. Argyle employees, Traditional Owners, and local stakeholders attended an event that marked the closure of all its commercial and production operations. 

Argyle general manager Andrew Wilson, appreciating the longstanding reputation of the mine, said, "Many people have given this business a lot of their years and have loved that journey. But getting to the end, something we've focussed on is making sure we finish really well and closing with pride." The multi-billion-dollar firm peaked around 1994 within the ancient Matsu Ranges that covered 3000 kilometers north of Perth and gave several employment opportunities within its stout labour workforce. 

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