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Lukoil Targets Production of 2 Million Carats in 2015

Dec 29, 2014 1:18 PM   By Jeff Miller
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RAPAPORT... Lukoil, which began diamond mining operations in June at the Grib open-pit mine in Arkhangelsk, expects to increase production in 2015 by about 40 percent year on year to 2 million carats, according to the Interfax news agency.   Lukoil stated in September that peak diamond production at the Grib pipe is expected to reach 4.5 million carats per year. The mine's deposit is estimated to contain total reserves of 98.5 million carats at an estimated value of $11 billion.

Lukoil held an online spot auction for rough diamonds in September with all except a few lots selling.  The company expects to increase the size of its diamond auctions moving forward through a  subsidiary in Belgium, Grib Diamonds NV.  The Grib operation employs approximately 2,000 workers.

Tags: diamonds, grib, Jeff Miller, lukoil, mining
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