Alexey Filippovsky, Deputy CEO of ALROSA said during an online meeting organized by the Moscow Exchange that the first capital investments in the project to restore the Mir diamond mine, which was flooded during the accident in 2017, are expected no earlier than 2025-2026, according to a report by Finmarket.
As per Filippovsky, ALROSA estimates the cost of Mir restoration at $1.2-1.5 billion. “The construction of such a mine will be estimated at $1.2-1.5 billion in today's prices and will take from 6 to 9 years. The number of expenses will be known exactly when we fully understand the configuration and technical solutions that we will use,” he said cited by Finmarket. A positive decision on the project to restore Mir is expected in the middle of the year, Filippovsky added, saying further that ALROSA plans to finance the diamond mine’s restoration through cash flow, which allows covering all the needs of the project with a margin taking into account its length in time.
According to the company's Deputy CEO, the economics of the mine recovery are positive and the additional exploration of reserves carried out last year showed that the kimberlite body is much larger than previously expected.
Vladimir Malakhov, Rough&Polished
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