Rio Tinto Diamond Unit in the Red

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Rio Tinto Diamond Unit in the Red

Rio Tinto’s diamond business incurred a loss in 2024 as the global market slowdown hit the mining conglomerate.  Revenue fell 37% to $279 million for the 12 months, leading to an underlying loss of $127 million, the company reported Wednesday. In 2023, the unit turned a profit of $26 million.  The diamond business, which accounted for less than 1% of Rio Tinto’s group sales, suffered “cost inefficiencies” because of “weaker markets,” the company…