According to the CEO of the Russian diamond mining company ALROSA, the company does not intend to reduce diamond production volumes in response to Western sanctions, but, on the contrary, sees this factor as an opportunity for further development.
“The company does not plan to reduce production volumes. We set a record for rock mass last year, and this year we are going to update it again. In accordance with this, we look at issues of diversification and believe that sanctions are not a reason stop working, but on the contrary, a reason for further development,” said the company’s CEO Pavel Marinychev on ALROSA’s official Telegram channel.
Meanwhile, Deputy Finance Minister of Russia Alexey Moiseev said earlier that ALROSA will be forced to sell its stake in the Catoca project, a joint venture with the Angolan state-owned company Endiama because Angolan authorities are afraid to cooperate with a Russian company that was put under Western sanctions.
However, negotiations on the exit of ALROSA have moved into a constructive direction, and the price of sale is being discussed with “friendly investors,” he added.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
