Rio Tinto has announced another slowdown as it attempts to cut expenditures and relieve debt pressures, Mineweb reports. This time it is at its Argyle diamond mine in Australia – the Operating Focus of IM’s January issue. The Argyle mine, located 2,500 km north of the West Australian city of Perth, is the world’s top producer of pink diamonds, producing over 90% of global output. Its highly automated underground block cave project was ahead of schedule, but now: “Effective immediately the Argyle Underground Project will be slowed to only critical development activities, resulting in a workforce reduction and a demobilisation of contractors,” Rio said on Wednesday in a media release.

In response to tough global market conditions, Argyle’s diamond processing facilities would be shut down for maintenance for up to three months starting in March, said Argyle’s COO Kevin McLeish. Earlier, the main contractor to the mine, Macmahon, said the slowdown was likely to cut its contract revenue from the project by 75% to just under A$20 million a year until full development activities restart.