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Grib Diamond Sales Surge Ahead of Takeover

Mar 14, 2017 11:11 AM   By Rapaport News
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RAPAPORT...
Lukoil’s diamond revenue nearly doubled to $335.8 million (RUB 20 billion) last year, ahead of the oil producer’s sale of the Grib mine.

Sales of rough stones stood at $184.7 million (RUB 11 billion) in 2015, having risen from $16.8 million (RUB $1 billion) in 2014, the miner said Tuesday.

Lukoil, Russia’s largest oil miner, sources all its diamonds from the Grib asset in the country’s Arkhangelsk region. The company announced the $1.45 billion sale of the mine to Russian investment group Otkritie Holding last year, with the deal currently subject to government approvals, Lukoil said.

Production at Grib was launched in September 2014, with initial estimates putting full annual production at 4.5 million carats. Lukoil has not disclosed operational figures for the mine.
Tags: Arkhangelsk, grib, Grib Diamond, lukoil, Otkritie Holding, Rapaport News
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