Yuri Trutnev, Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District proposed diversifying the activities of ALROSA to include the development of mineral deposits containing precious metals, including gold, according to mass media reports. In his opinion, this will help reduce the risks associated with fluctuations in the diamond market.
After a meeting on the socio-economic development of the Republic of Sakha (Yakutia), Yuri Trutnev instructed the Ministry of Finance, the Ministry of Natural Resources and Ecology, the authorities of Yakutia and the ALROSA management to develop proposals aimed at diversifying the company's business.
Timur Chernyshev, the spokesman of the Deputy Prime Minister also said that the meeting discussed the possibility of creating an investment tool tied to diamonds, by analogy with banking products selling gold bullions.
In 2016, ALROSA initiated the adoption of a law that allowed it to mine associated gold and platinum metals on its diamond deposits. At the same time, in 2018, as part of a program to reduce non-core assets, ALROSA sold the Geotransgaz Company engaged in gas production and the Urengoy Gas Company, which carried out exploration work with the aim of putting into operation a series of gas fields.
Victoria Quiri, Correspondent of the European Bureau, Rough & Polished, Strasbourg
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