Diamond Output Yields Up in Zimbabwe Reports Nue Diamonds

San Francisco, CA -- (SBWIRE) -- 02/01/2013 -- The output of Murowa Diamond Mine increased by 10% in order to reach 313,000 carats for the entirety of the 2012 year, compared to 285,000 carats that were mined in 2011, according to Rio Tinto.

Murowa, which is located near the Zvishavane in the midst of the Midlands province, holds a 78/22% partnership with the Rio Tinto and RioZim Limited, and independent Zimbabwean listed company.

Murowa is just one of six companies mining for diamonds in the country of Zimbabwe.

Within its operations review for the 2012 year, Tio Tinto stated that a 11% increase for the fourth quarter at Murowa was enjoyed, while the company reached 98,000 carats, and pushed overall production to 313,000 carats.

The ore processed in the period rose by 542,000 tons, which is up nearly 473,000 tons from 2011. The totality of diamonds recovered increase by 403,000, up from 367,000 carats.

Despite the positive numbers, the state of the mine remains uncertain, and announcements from Rio Tinto in March stated that the company may dispose of some of its shares in the diamond ventures.

Simultaneously, the total diamond production for the group rose to 13,122 million carats, with 11.733 million being mined in 2011. Argyle Mine, which is located in Australia, produced 8.471 million carats, which is up from 7.441 carats in 2011. The Diavik Mine in Canada produced 4.338 million carats by comparison.

The industry for diamonds is currently within what would be described as a lean spell, due mainly to the eurozone debt crisis that is coupled with a slowing Asian purchasing move. The demand for the end product seems to also be in a continual decline.

The result is a difficult decline to handle for many in the industry, as there is a slumping of 16% in 2012, with a market growing by between 3% and 4% overall as compared to the 10% in 2011.

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