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

Australia's longest operational diamond mine in remote Western Kimberley region anunced on vember 2 that it has exhausted its ecomic reserves and hence will be shutting down after 40 years of a successful business.  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 latest figures released by  Kimberley Process (KP).

In an official release, Arnaud Soirat, Rio Tinto’s chief executive of Copper & Diamonds said, “Fifty years ago re were very few people who believed re were diamonds in Australia – even fewer could have foreseen how Argyle story would unfold." He ded, "To arrive at this final chapter has required vision, cour, and determination to overcome significant challenges to enter new territory in diamond exploration, mining, and marketing." Argyle ore body, a single pipe kwn as AK1, was discovered in October 1979 and its alluvial operations began in 1983. Meanwhile, Argyle mine became a fully underground operation in 2013. Kwn as  world’s largest producer of coloured diamonds, mine's employees and tritional owners finally bid operations farewell as y came toger in a ceremony to mark end of 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 world" with extremely limited global supply and supports for 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 ackwledge all those people who have contributed to discovery and development of mine and production of some of finest diamonds world has ever seen," Rio Tinto’s chief executive said. Argyle employees, Tritional Owners, and local stakeholders attended an event that marked closure of all its commercial and production operations. 

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

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