(interfax.ru) – Diversification of ALROSA into other types of minerals and industries is one of the ways to ensure long-term development, believes Pavel Marinychev, the new CEO of the diamond miner.
"Possible diversification into other types of minerals, possibly into other industries," he told the Almazny Krai channel, listing the company's tasks and plans.
He attributed diversification to one of the options that ALROSA "can and should do to look calmly and confidently at a fairly long-term perspective."
"There are promising industries in which the company is already involved. For example, the energy component of our company is developing quite actively and dynamically," said Marinychev.
Speaking about the current state of ALROSA, he noted that the company now has a negative net debt, which was the result of a rapid reduction in the debt burden in recent years.
“Now we are seeing a negative net debt. If we balance our own funds and the funds that we will pay, then we have more money than debts. We have a safety cushion so that under any circumstances, without making sudden movements, look around and understand how to move forward," he said.
He called maintaining the stability of the company's work in the new conditions of geopolitics a key task. Marinychev noted that ALROSA's sales of diamonds are under pressure, so the company is working to maintain existing and form new sales channels for products.
ALROSA, according to the company's chief executive, "will look at new developing markets, which did not seem to be a priority for us, but now they are becoming rapidly growing."
It is also planned to develop new forms and channels for transferring funds for the company's products. "It is becoming more difficult to receive payments for delivered products every day," he said.
"There are certain negative market trends in the last month," - added Marinychev.
The company will also work on a new technical policy that will allow it to move away from the lines of Western machinery and equipment that is currently impossible to deliver to the country, he said. In the coming years, the company is provided with machinery and spare parts, it was possible to collect the remnants of equipment, some are still in the process of delivery, but in the future other technological chains will operate, including on the domestic market, Marinychev believes.
The topic of ALROSA's business diversification was not considered in a practical way after the company bought gas assets and the Timir iron ore project after the 2008-2009 crisis. The gas assets were sold to NOVATEK in 2018, and ALROSA is still looking for a buyer for its stake in the joint venture with Evraz to develop Timir.
In 2020, Deputy Prime Minister - presidential envoy to the Far Eastern Federal District Yury Trutnev suggested considering ALROSA's entry into the development of gold and lithium deposits due to the difficult situation on the diamond market, but this issue did not develop.
In 2016, ALROSA's subsidiary Almazy Anabara, which deals with diamonds in alluvial deposits, received a license to mine associated gold and other precious metals in conjunction with diamond mining. Since 2017, the company has been producing about 150 kg of gold per year. Almazy Anabar was headed by Pavel Marinychev from June 2016 until his transition to the post of head of ALROSA.
"Possible diversification into other types of minerals, possibly into other industries," he told the Almazny Krai channel, listing the company's tasks and plans.
He attributed diversification to one of the options that ALROSA "can and should do to look calmly and confidently at a fairly long-term perspective."
"There are promising industries in which the company is already involved. For example, the energy component of our company is developing quite actively and dynamically," said Marinychev.
Speaking about the current state of ALROSA, he noted that the company now has a negative net debt, which was the result of a rapid reduction in the debt burden in recent years.
“Now we are seeing a negative net debt. If we balance our own funds and the funds that we will pay, then we have more money than debts. We have a safety cushion so that under any circumstances, without making sudden movements, look around and understand how to move forward," he said.
He called maintaining the stability of the company's work in the new conditions of geopolitics a key task. Marinychev noted that ALROSA's sales of diamonds are under pressure, so the company is working to maintain existing and form new sales channels for products.
ALROSA, according to the company's chief executive, "will look at new developing markets, which did not seem to be a priority for us, but now they are becoming rapidly growing."
It is also planned to develop new forms and channels for transferring funds for the company's products. "It is becoming more difficult to receive payments for delivered products every day," he said.
"There are certain negative market trends in the last month," - added Marinychev.
The company will also work on a new technical policy that will allow it to move away from the lines of Western machinery and equipment that is currently impossible to deliver to the country, he said. In the coming years, the company is provided with machinery and spare parts, it was possible to collect the remnants of equipment, some are still in the process of delivery, but in the future other technological chains will operate, including on the domestic market, Marinychev believes.
The topic of ALROSA's business diversification was not considered in a practical way after the company bought gas assets and the Timir iron ore project after the 2008-2009 crisis. The gas assets were sold to NOVATEK in 2018, and ALROSA is still looking for a buyer for its stake in the joint venture with Evraz to develop Timir.
In 2020, Deputy Prime Minister - presidential envoy to the Far Eastern Federal District Yury Trutnev suggested considering ALROSA's entry into the development of gold and lithium deposits due to the difficult situation on the diamond market, but this issue did not develop.
In 2016, ALROSA's subsidiary Almazy Anabara, which deals with diamonds in alluvial deposits, received a license to mine associated gold and other precious metals in conjunction with diamond mining. Since 2017, the company has been producing about 150 kg of gold per year. Almazy Anabar was headed by Pavel Marinychev from June 2016 until his transition to the post of head of ALROSA.
