Development of Australia’s first major diamond discovery outlined

Introduction Argyle is located in the Kimberley region in northwest Australia (Fig. 1). It is a significant diamond discovery by world standards and is the first major diamond find in Australia. The deposit consists of a pipe and associated alluvial deposits. Before the 1970s, diamonds were known to exist only sporadically in Australia. They have been found occasionally in association with gold deposits in Western Australia. There is a small deposit near Copeton in New South Wales. Some alluvial occurrences have also been found in Victoria, South Australia, and New South Wales. The first indicator minerals in the Kimberley region of Western Australia were discovered in January 1973. Production from the alluvial deposits at Argyle began in 1983. A $430-million construction program to develop a mine and treatment plant capable of producing 25 million carats per year was completed in December (1 carat = 0.2 grams). Ownership and management Participants in the project are known as the Argyle Diamond Mines Joint Venture. The group consists of CRA Ltd., 56.8%; Ashton Mining Ltd., 38.2%; and the Western Australian Diamond Trust (formerly Northern Mining Corp.), 5%. The project is managed by Argyle Diamond Mines Pty. Ltd., a wholly-owned subsidiary of CRA. Marketing is undertaken separately by the Western Australian Diamond Trust and by Argyle Diamond Sales Ltd. (for CRA and Ashton Mining groups). History Ownership of the Exploration Joint Venture has changed over the last 12 years as various parties changed their shareholdings. The original Kalumburu Joint Venture was formed in 1972 with five participants, each holding a 20% interest. By 1983, a number of ownership changes had occurred. The end result is that two original participants have sold out. CRA now holds a 56.8% share and the Ashton Mining Group holds 38.2%. CRA also assumed project management in January 1977. Table 1 demonstrates the long lead times involved in developing a project.