The diamond mining company still intends to hold an initial public offering, despite the destabilization of the market, Interfax reported with a reference to Andrey Novikov, commercial director of ALMAR and member of its board.
The company wants to start trading shares on the St. Petersburg Stock Exchange, which was included in the US sanctions list in early November 2023. The exchange was included in the SDN list, which effectively isolated the platform from dollar trading, blocked its assets and banned cooperation with American companies.
According to Novikov, PJSC ALMAR – Diamonds of the Arctic is monitoring the situation and is focused on all possible options for further development of the company, including activities in the equity capital markets.
The company holds two exploration licenses in Yakutia: Beyenchimee and Khatastakh. The projected resources of the first deposit are estimated at 1.14 million carats (P1+P2 category), the resources of the second are 7.5 million carats (P2+P3 category).
ALMAR plans to use the funds from the placement on the St. Petersburg Stock Exchange to continue exploration, build the processing plant, and begin diamond mining and sales.
This year, the company's geologists confirmed the reserves estimates of Khatastakh and Beyenchimee deposits. The first project may hold a total of 19 million carats of diamonds to a depth of 70 m; the reserves of the second deposit amount to 2 million carats.
Alex Shishlo for Rough&Polished
