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ALROSA's Diamond Reserves Increase by 36M Carats in 2012

Mar 22, 2013 1:03 PM   By Jeff Miller
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RAPAPORT... ALROSA’s reserves in 2012 grew approximately 35.8 million carats due to the exploration of Ebelyakh and Gusiny placers, according to the mining giant's executive committee review today. ALROSA started exploration of the Dalnyaya pipe this past year and continued operations of its Verkhne-Munskoe, Mayskoe and Zarnitsa deposits. Diamond prospecting and valuation of the potential of explored areas were also carried out on 25 locations, the board stated.

Prior to this increase, ALROSA's first mineral audit up to January 1, 2012, which covered about 70 percent of its Russian resource base, excluding  the Catoca venture in Angola, revealed indicated reserves of 646.5 million carats and another 311.6 million carats inferred, based upon JORC standards.

The group's executive committee is also considering reforming ALROSA’s cutting and polishing operations, including its production facilities in Moscow, Brillianty ALROSA, and those in Barnaul and Oryol. These services exist primarily to obtain current polished diamond market data in gauging how market conditions affect rough goods, according to the board. ALROSA is weighing the possibility of moving its polishing facilities for small and medium-size rough diamonds from Moscow to Oryol and Barnaul. In addition, the company would enhance its technology and training at Oryol and the Barnaul Kristall Factory. The Brillianty ALROSA Branch would concentrate on manufacturing  high-quality and fancy colored polished diamonds, the board noted.

Finally, the board expressed satisfaction with having placed its goods and services procurement process up for open bidding in 2012, as the company saved almost $113 million (RUB 3.5 billion) on business purchases totaling $1.4 billion (RUB 43 billion).

Tags: Alrosa, inferred, Jeff Miller, probable diamonds, reserves, resources
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