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ALROSA to Increase Production to 39M Carats in 2016: Interfax
Dec 8, 2015 7:19 AM
By Rapaport News
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RAPAPORT... ALROSA expects to increase diamond production to
39 million carats in 2016, Russian news source Interfax reported December 8, citing
company president Andrei Zharkov. This
compares with 38 million carats which the Russian miner is on
track to recover for 2015.
“Production volumes
remain in line with the targets factored into the company's long-term
development program, in other words about 39 million carats,” Interfax cited the executive as saying in an interview with the miner's media outlet.
"We expect that the situation on the rough and cut diamond market should
stabilize next year. And in general, we expect that there might be an
improvement in the second half of the year.”
The news
comes despite ALROSA’s first vice president, Ilya Ryashchin, saying in a call with analysts last month that the miner might “reconsider” its
production volumes because of the size of its inventory.
“[In 2015] we plan to mine more than 38 million carats,” Zharkov added. “Unfortunately, we could not sell this whole amount of mined rough on the
market, so part of it will go into our inventory. But these are liquid
inventories that can be instantly turned into revenue if the situation on the
market improves.”
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Tags:
Alrosa, mining, Rapaport News
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