News

Advanced Search

Lukoil Targets Production of 2 Million Carats in 2015

Dec 29, 2014 1:18 PM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
Alrosa International Mine 150Alrosa Mine Restarts Following Virus Closure
Jun 30, 2020
Alrosa has resumed operations at its International underground mine following a brief suspension after several employees
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.