Argyle joint venture announce increase in AK1 reserves.LONDON--(BUSINESS WIRE)--April 20, 1999-- Rio Tinto Rio Tinto may refer to:
See: New York Stock Exchange : RTP (1) (Rapid Transport Protocol) The protocol used in IBM's High Performance Routing (HPR) system. (2) (Realtime Transport Protocol) An IP protocol that supports real time transmission of voice and video. ) announced today that the Argyle Diamond Mines The Argyle diamond mine () is a diamond mine located in the north-east of Western Australia. Joint Venture Parties, Rio Tinto (56.8%), Ashton (38.2%) and Western Australian Diamond Trust (5%), posted an increase in mine reserves of 22.1 million tonnes of ore at an average grade of 2.9 carats per tonne, extending the mine life into the year 2006 at current mining and processing rates. This increase is the result of studies into a second stage development of the AK1 open pit mine in Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. . The revised reserves as at 31 March 1999 for the AK1 open pit are 71.6 million tonnes at 2.7 carats per tonne. AK1 mine resources have consequently been adjusted by 22.1 million tonnes. Argyle's improved performance over the past year has been assisted by the strong demand for lower priced diamonds in the US and improved operating efficiencies. Studies into further open pit and underground development by the Argyle Joint Venture are ongoing. |
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