Russian state-controlled Alrosa's bank loans and public debt instruments account for $4 billion with long-term debt share of 88% as of Wednesday.
ALROSA Mining News
Diamond production went up by 6% in the first quarter of the year.
The miner believes rough diamonds prices will soar next year.
Sale's final price to be announced on Oct. 28.
Alrosa’s shares took off on the news, adding as much as 9% Wednesday, the highest level since December 2011.
It reached almost 9 billion roubles ($257 million), up from 3.5 billion for the same period last year.
The octahedron-shaped diamond is transparent with a yellow tinge.
The company recently closed another deal worth nearly $60 million with U.S jewellery giant Tiffany.
The miner who was injured at ALROSA's Mir mine in early October has died in the hospital, a company spokesman said.
A jaw-dropping 158.2-carat diamond worth over $1.5 million, which was discovered in Russia early this month by Alrosa, was shown to the public for the first time Thursday.
With due consideration of the requisite sales dip in March-August aimed at preserving the price stability on the market, ALROSA forecasts consolidated sales by ALROSA Group to reach USD 4.5 billion in full year 2012.
Russia’s state-owned diamond company Alrosa said its board approved the sale of 51% of its Timir iron-ore unit in Siberia to Evraz Plc (EVR), the steelmaker part-owned by mining billionaire Roman Abramovich.
A deal between Rio Tinto and Toronto-based jeweller Harry Winston Diamond, which is looking to become the sole owner of the Diavik Mine, might be around the corner.
The company's supervisory board, which met in the wake of Russia's announcement to sell its in 51% stake in Alrosa, outlined intentions to reduce open-pit mining, increase diamond reserves to over 1.1 billion carats and invest in iron ore.
Plans to sell a stake in 90%-owned Alrosa, the largest diamond supplier in the world, would make up a huge chunk of the $9.3 billion Russia hopes to generate from asset sales this year.
Interfax cited Mr Igor Kulichik Russian diamond miner vice president and financial director as saying that Alrosa is not planning major investments in the near term in the Timir iron ore project in Yakutia a 51% stake in which it is selling to steelmaker Evraz Group.
Luxury jeweler and watchmaker Harry Winston Diamond Corp said today that production at its Diavik mine in Canada's Northwest Territories was up about 19% in the first quarter on improved grades.
Alrosa's state-owned shares will not be privatized until 2017, if then, a Kremlin document reveals this week.
BusinessWeek reports Alrosa says it mined more diamonds than global rival De Beers in 2009, 2010 and the first half of 2011 and is benefiting from prices for rough diamonds of $109 – up 30% over last year. Alrosa accounts for more than a quarter of world output and for 2011 predicts $5 billion in revenue. The secretive firm has been feeding the market more information recently in anticipation of a 2012 public offering, but now says its good financial performance may reduce the size.
Russia's government-owned diamond producer is reporting sales of rough and polished diamonds of $2.2 billion for the first half of 2011.
Alrosa invited 30 diamond companies from Russia and abroad to bid in the online auction Russia's state-owned diamond producer Alrosa told $11 million worth of diamonds in its first online auction, the company announced Wednesday.
Real estate magnate Lev Leviev has sold his 18% stake in Angola's Catoca diamond mine to China's Sonangol International for $400 million, Russia's "Kommersant" newspaper reports. Leviev acquired the stake in the Angola mine in the 1990s for $20m. Russia's state owned diamond producer Alrosa holds 32.8% of Catoca. Last week Alrosa provided a rare glimpse into its finances and operations ahead of a possible public offering. The state-owned company supplies about a quarter of the world’s diamonds and in 2010 produced more of the precious stones than De Beers, historically the dominant miner and marketer of the gems.
The secretive Russian diamond giant Alrosa on Thursday provided a rare glimpse into its finances and operations ahead of a possible public offering. The state-owned company supplies about a quarter of the world’s diamonds and in 2010 produced more of the precious stones than De Beers, historically the dominant miner and marketer of the gems. Alrosa's president Fyodor Andreyev said an internal audit showed its diamond reserves at 1.28bn carats, making the company the world's biggest holder: “At current extraction rates, the company's reserves will last more than 40 years.”
Reuters reports on Tuesday Russian diamond monopoly Alrosa may use the spoils of high diamond prices to develop an asset in northwest Russia rather than let a foreign miner such as Rio Tinto onto its territory, a source close to the company said. The source said on Tuesday high diamond prices meant Alrosa had enough cash to finance development of the Sevalmaz project by itself. Russian business daily Vedomosti reported in December that it could sell a 49% stake to the global miner for almost $400 million.
RICHMOND, BC – January 2009 – Wenco International Mining Systems has won a contract to supply the Wenco Fleet Management Systems to ALROSA’s Nurba mine in Russia. ALROSA is one of the world’s leading companies […]