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ALROSA Sees Prices Stabilizing by Year-End
Oct 13, 2015 6:24 AM
By Rapaport News
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RAPAPORT... ALROSA
CEO Andrey Zharkov today said the company expects rough diamond prices to
stabilize by the end of the year after falling 15 percent, Bloomberg reported. The company will
continue to focus on diamond mining and may review diamond polishing to see if it is beneficial
for the company’s value, according to the report.
The
group may also start talks with clients on diamond sales in rubles. Diamond
prices have declined by about 15 per cent in 2015 but are still are stronger
than other commodities, Zharkov told reporters in Moscow. He said the company
may pay back $500 million of debt this year and may keep dividends at the 2014
level, Bloomberg reported.
Rough & Polished website reported October 7 that
ALROSA’s supervisory board had approved the possibility to settle payments in
rubles under new export contracts, but that these will not be available before
2018 and will not affect current clients. The value of diamonds will still be
calculated using the exchange rate set by Russia’s Central Bank and market
prices will be in US dollars, according to the report.
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Tags:
Alrosa, mining, polished, Rapaport News
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