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ALROSA Buys 51% Stake in Nizhne-Lenskoye for $119M

Dec 23, 2012 5:15 AM   By Deena Taylor
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RAPAPORT... ALROSA acquired a 51 percent stake in alluvial diamond miner  Nizhne-Lenskoye for $119 million (RUB 3.67 billion) with the intention to build its mineral reserves.

"The acquisition of Nizhne-Lenskoye will provide additional production of two million carats a year," said Fyodor Andreev, ALROSA's president. The company acquired the majority stake through its subsidiary,  Almazy Anabara, in an auction launched by the Ministry of Property and Land Relations of  Yakutia.

Nizhne-Lenskoye mines alluvial diamonds near  operations already run by Almazy Anabara. The company has estimated diamond reserves of 26.4 million carats and its existing and expected mineral resources are sufficient to maintain diamond mining for 17 years, ALROSA said.

ALROSA is the world's largest diamond-miner by volume and produced 34.6 million carats of rough in 2011.
Tags: Alrosa, Deena Taylor
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