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ALROSA's 1Q Production -19%

Submits Airline Fleet Proposal to Supervisory Board

May 25, 2012 3:01 PM   By Jeff Miller
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RAPAPORT... ALROSA's rough diamond production fell 19 percent year on year to 8.088 million carats in the first quarter, according to the company's executive committee meeting minutes published today. The committee also approved the concept of developing a group diamond cutting and polishing complex, and introducing a risk management system to improve investment activity among other business items on the agenda.

Members of the executive committee considered a modernization plan for ALROSA’s Mirny aviation division aircraft fleet and to created ''ALROSA Airline,'' a subsidiary aviation company.  This matter will be submitted to the company's supervisory board for consideration.

Executives also approved a  development strategy for ALROSA's projects across Africa in order to quickly expand and increase efficiency when evaluating new areas of exploration. It was  agreed to establish, within the structure of ALROSA’s NIGP (specialized geo-scientific research enterprise), a team to evaluate areas for a facility around Saint Petersburg, Russia, which would serve to support exporting advance technologic products (such as  ore measuring X-ray machines), that are manufactured by its subsidiary  Burevestnik Scientific and Production Enterprise and sold to diamond mining companies.

Tags: Alrosa, diamond, Jeff Miller, Production, Russia
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