Rio Tinto Ltd. (RTP) is planning to slow down the development of the underground operation at its Argyle diamond mine in Western Australia state, contractor Macmahon Holdings Ltd. (MAH.AU) said Wednesday.

Macmahon said its contract will be realigned to take into account the revised development program now being pursued at Argyle, and that this will reduce its contract revenue to just under A$20 million a year from A$80 million a year, until development activities recommence.

-By Alex Wilson, Dow Jones Newswires; 61-3-9671-4313; alex.wilson@dowjones.com

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