ARGYLE MINE To Be Closed After 37 Years.
Argyle Mine – World’s Largest Pink Diamond Mine is located in the Kimberly region of Western Australia. Large pits are dug and at a certain depth mineral resources are present. For this mine that depth is around half a kilometer. Argyle mine is the main source of various types of diamonds for the entire world!
These resources are invaluable for every region as they could completely change the economy of the country for decades to come. The mines discovered in the Texas region-680 mines greatly enhanced the economy of the United States.
But by this Africa should have the strongest economy, right? Well, the politics of Africa work differently i.e. they follow the tribal culture and that is the main reason why African nations don’t have a robust economy despite enormous mineral resources!
Why is Argyle Mine so special?
- In the year 2018, Argyle Mine became the world’s largest diamond producing mine, by volume, by producing 14 MN carats of diamond in a year!
- This is the only significant source of pink and red diamonds. This mine accounts for over 90% of the world’s supply of pink and red diamonds.
- The mine also provides many other naturally occurring diamonds of various colors like champagne, cognac, and rare blue diamonds.
- Over the last 40 years, it has produced around 865 MN carats of diamonds!
- Pink Diamonds are very rare in nature – One in a million diamond discovered is a pink one, its value is 15 to 20 times as much as an equivalent white.
What is the reason for the closure of this mine?
Anourad Soirat – Rio Tinto’s chief executive said that the region has exhausted its mineral resources, meaning as the mines are located underground the cost of digging and other operations is very high and can be done only till a certain depth. The mineral resources which are very deep cannot be mined as the cost will be simply too high which won’t be economically viable. Also, as the Kimberly region has an active volcano the rules and regulations of mining in this region are extremely inflexible.
So to conclude, this mine has served the needs of the world and it can be said that it would be an uphill task to find a mine huge enough to cater to the world’s need!
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