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ALROSA Wins Exploration License for Molodo Deposit

Dec 28, 2014 2:52 AM   By Ronen Shnidman
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RAPAPORT... ALROSA's subsidiary Nizhne-Lenskoye won a Russian government tender on Friday for a license to explore and mine a greenfield diamond deposit located in Yakutia.

Nizhne-Lenskoye bid $1 million (RUB 51.776 million) for the rights to the Molodo river placer deposit.

The riverbed deposit has an estimated 905,000 carats of economically recoverable rough diamonds. The site contains another 189,000 carats in reserve that are not economically viable at current prices. ALROSA stated that the deposit has a forecast diamond resource of 712,600 carats, based upon accepted accounting standards.

ALROSA added that acquiring the rights to the Molodo deposit  was in line with the group's development strategy and a goal of expanding its resource base in Yakutia. ALROSA must still receive final approval of the tender results from Russia's federal government.
Tags: Alrosa, Molodo, Nizhne-Lenskoye, Ronen Shnidman, Russia, tender
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