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ALROSA Production of 34Mcts. in 2010 Surpasses De Beers Again

Rough Sales and Profits Surge

Mar 18, 2011 8:30 AM   By Jeff Miller
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RAPAPORT... The ALROSA Group of Companies produced a total of 34.3 million carats of rough diamonds in fiscal 2010, which was slightly more than reported in fiscal 2009. ALROSA's carat production  also marked the second consecutive year for which the mining giant  surpassed De Beers diamond production, which was reported as 32.997 million carats for 2010.

ALROSA's combined sales of rough and polished diamonds amounted to $3.484 billion, up from approximately $2.2 billion in 2009. ALROSA reported net profit in local currency at RUB 8.777 billion, or $308.4 million, an increase of 273 percent in ruble terms.

The mining company's executive committee pre-approved these figures for its annual report yesterday along with its 2010 balance sheet and profit and loss statement. The board also made recommendations for use of net profit distribution. The financial report will now be submitted to ALROSA's supervisory board for final approval and publication.

The executive committee proposed that ALROSA use $101 million (RUB 2.873 billion) toward the repayment of its long-term loans; place $143 million (RUB 4.077 billion) in investments; and offer $64.2 million in dividends, which works out to $235 or RUB 6,700.86 per share.

Tags: Alrosa, De Beers, diamond, diamonds, Jeff Miller, mining, Production, rough, Russia, sales
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