Russian state-run diamond miner Alrosa aims to refinance between $1.3 billion and $1.4 billion of short-tern debt by the end of the year, company spokesman Andrey Polyakov said on Thursday after the company reported first-half results, according to a report released by Reuters.
Alrosa, the biggest rival in the diamond industry to De Beers, also plans to repay around $300 to $400 million of debt in the fourth quarter, Polyakov added. The company's total debt stood at $4.3 billion as of Oct. 1, of which $305 million should be repaid in 2013.
The Russian government, majority owner of Alrosa, plans to reduce its holdings by between 10 and 14 percent via an initial public offering, as a part of a wider privatisation drive.
A company official said in March the deal would happen no earlier than May next year.
Alrosa's results showed a 38 percent drop in first-half net profit to 16.2 billion roubles ($522.7 million), after a revaluation of foreign currency debts linked to exchange rates.
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