The Executive Board of ALROSA held a meeting on September 14, 2012 in Udachny chaired by Fyodor Andreev, the company’s president, according to a press release received by Rough&Polished.
The board members reviewed the budget performance by ALROSA and the results of ALROSA Group in the first half of 2012.
According to the preliminary management reporting, ALROSA Group’s diamond sales reached about $2.4 billion in January-June 2012. The company said demand for rough diamonds started to lower from last March due to a number of macroeconomic and internal industry factors which affected the current state of the rough market. At the same time, the long-term development of the market will be influenced by such fundamental factors as growing demand for diamond jewelry and reduced global diamond output.
At the moment, taking into account the necessary decrease in sales in March-August in order to maintain price stability in the market, ALROSA forecasts that the Group’s diamond sales in 2012 will reach about $4.5 billion.
Meanwhile, ALROSA Group produced about 16.4 million carats of rough diamonds in the first six months of 2012. Its carat output is within the target amounts and the Group expects its output to be commensurate with that of 2011, though to a certain extent it may be lower, which is a scheduled factor due to the technological peculiarities in the implementation of the company’s investment program for the construction of underground mines.
The Board members also reviewed the development of Lomonosov GOK (mining-and-processing integrated works) belonging to Severalmaz, in particular the technical and economic evaluation of its further development to increase its productivity from 1 to 4 million tons of ore per year.
The Board reviewed and adopted in principal the plan for development of Almazy Anabara till 2021. Under the plan, Almazy Anabara is expected to produce about 28 million carats of high jewelry quality diamonds by 2021. The production program includes both the development of existing fields and the company’s involvement in the development of new deposits, Ruchey Ebelyakh and Ruchey Gusiny.
The meeting also discussed a number of other issues related to the operational activities of the company.
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