Diamond mining company AGD Diamonds will complete the open pit mining at the Vladimir Grib diamond deposit by the end of 2027, news agency INTERFAX reports.
The decision was announced during a working visit to the enterprise by the governor of the region Alexander Tsybulsky and assistant to the President of the Russian Federation Maxim Oreshkin.
"The project involves open pit mining up to minus 350 meters by the end of 2027. We are currently deciding how to continue working out a career below this mark, and we are in dialogue with the regional government. I think that in 2023 we will find a solution, and it will already be clear how this project will be implemented," Mikhail Bakov, CEO of AGD Diamonds, is quoted as saying.
He added that at the moment the company is also engaged in geological exploration in adjacent areas.
Tsybulsky noted that, despite the problems with mutual settlements with foreign countries, the diamond mining industry now feels quite confident.
"To date, the company has refocused on Dubai sites in order to offset the risks it was exposed to by trading through European exchanges," he explained.
AGD Diamonds (formerly known as Archangelskgeoldobycha) is the only diamond producer in Russia independent of ALROSA, which accounts for about 10% of all-Russian production. According to its reserves, The Vladimir Grib diamond deposit developed by AGD is the fourth in Russia and the eighth in the world. Reserves were approved in 2010 in the amount of 76 million tons of ore. The life of the field, which is currently being mined in an open manner, is more than ten years. AGD diamonds are usually sold at auctions in the world trade centers of Antwerp and Dubai through the sales division of Grib Diamonds.
Alex Shishlo for Rough&Polished
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