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ALROSA's JORC Complaint Resource Base Improves

Sep 24, 2013 5:33 PM   By Jeff Miller
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RAPAPORT... ALROSA updated its JORC compliant reserves and resources report as part of an ongoing and long term development and capital investment plan. Proven reserves, as of July 1, totaled 7.33 million carats of rough diamonds, while probable reserves were 600.18 million carats, according to the JORC audit report prepared by Micon International Co. Ltd.

In terms of total resources, ALROSA stated that measured and indicated diamond resources combined totaled 664.81 million carats, while inferred resources added 308.24 million carats for a combined total of 973 million carats. Earlier this year, ALROSA's first mineral audit with Micon revealed 9.4 million carats of measured minerals, an indicated resource of 646.5 million carats and inferred resources of 311.6 million carats.

ALROSA is targeting production of 36.4 million carats in 2013 and 41.3 million carats per year by 2021.  The estimated capital expenditures set forth in the Micon report amounted to $1 billion (RUB 33 billion) in 2013 and a total of $8 billion (RUB 256 billion) by year 2021. In aggregate, ALROSA's long-term development plan assumes production of 353.2 million carats between this year and 2023.

Tags: Alrosa, capital, Jeff Miller, jorc, minerals, Production, reserves, resources
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