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Harry Winston cuts Diavik diamond mine production target

The entry point for Diavik diamond mine in the North West Territories March 25, 2010.

JOHN LEHMANN/The Globe and Mail

Harry Winston Diamond Corp. says the 2012 production target for the Diavik mine has been reduced to 7.4 million carats as the operation shifts its efforts to concentrate on processing higher-valued diamonds.

As recently as the company's second quarter financial report issued in September, the 2012 production target for Diavik had been eight million carats.

The Toronto-based company, which has a 40 per cent ownership stake in the mine, says the lower volume will result from a delay in processing of lower-value carats.

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It says the mine produced 1.93 million carats in the third quarter, the same as last year but with less ore processed due to a shift to underground mining with higher-valued carats.

The mine's majority owner is Ango-Australian mining giant Rio Tinto PLC, which has a 60 per cent stake in Diavik – 300 kilometres northeast of Yellowknife.

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