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ARGYLE DIAMONDS

ARGYLE DIAMONDS. Past, Present and Future. Colin Williams General Manager Operations December 2003. Content. 1983 - 1993 1993 - 2003 2003. Overview First Decade Second Decade Future. Overview – Rio Tinto Diamonds Group. Rio Tinto - 100% Argyle, Australia - 60% Diavik, Canada.

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ARGYLE DIAMONDS

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  1. ARGYLE DIAMONDS Past, Present and Future Colin Williams General Manager Operations December 2003

  2. Content 1983 - 1993 1993 - 2003 2003 Overview First Decade Second Decade Future

  3. Overview – Rio Tinto Diamonds Group • Rio Tinto - 100% Argyle, Australia • - 60% Diavik, Canada Rio Tinto Diamonds – Provides a sales and marketing service to Rio Tinto Group mines • Rio Tinto produces ~ 25% by volume of world’s diamonds

  4. Overview - Argyle • AK1 diamond pipe discovered 1979 • Alluvial mining 1983 – 1985; 1989 – 2002 • Open pit mining 1985 – present • Produces ~ 30 Mcts pa of rough diamonds • 100% product sold direct to the market • Retain pinks to manufacture and sell as polished

  5. Overview – Product Profile Since 1985 more than: • 600 Mt of ore and waste mined • 140 Mt of ore processed • 600 Mct of diamonds produced

  6. The First Decade: 1983 - 1993 • Alluvials 1983 to 1985 – then recommenced 1989 • AK1 mining & processing commenced in 1985 • Successive increases in AK1 ore processed from 3.3Mtpa design up to 7Mtpa • Waste/ore strip ratio 4 to 5 • Recovered Grade – gradual reduction from ~ 9 cts/t to 6cts/t • Annual diamond production increased from 6 Mcts to 41 Mcts over 10 years

  7. The Second Decade: 1993 - 2003 • Ore processed increased from 7Mtpa to 10Mtpa • Production ~ 40Mcts pa 1993 to 1998 • Production ~ 30Mcts pa 1999 to 2003 • 1998 - major organisational change and cost reduction exercise • Approval in 1999 for mine expansion - cut back of west wall • Tonnes mined annually increased from 32Mt to 88Mt • Life of AK1 pit increased to 2007 • 2002 Alluvial operations ceased

  8. Argyle’s Future • Open Pit – existing LOM 2007 • Northern Bowl Open Pit expansion • Feasibility Study • Underground Operation • Feasibility Study • Exploratory Decline • East Kimberley Focus

  9. Underground - Feasibility Study • Full feasibility Study • Exploratory Decline • A$70M Expenditure • Completed 2005 • At this time the decision will be made to either go underground or into closure mode

  10. Underground Operation – Key Features • Combination of Block Caving, Sub-Level Caving and Open Stoping • Ore extraction 2007 • 5Mtpa ore at full production • Diamond production ~ 50% of current level • Workforce of ~ 400

  11. Open Pit Operations Process Plant Waste Dumps Emergency Egress Exploratory Decline Exploratory Decline Section • 2.5km decline into orebody • Additional 0.6km of cuddies • 1 in 6 gradient • Decline hydroscaled & shotcreted

  12. Exploratory Decline • Will confirm underground design criteria and operating costs • Will reduce risks of delay if underground goes ahead • Surface works - June to Dec 2003 • Main decline construction - Dec 2003 to mid 2005

  13. East Kimberley Focus • Transitioning to local workforce • 15 % to 37% in past 3 years • Increasing Aboriginal employment • 4% to 17% in past 3 years • If underground proceeds • 80% local workforce • 40% Aboriginal • Regional Development & Capacity Building • Working with local, state and Federal Govts to enable improvements in health, education, infrastructure • Training – $5M Federal Govt grant • Local and Aboriginal business opportunities

  14. End

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