On Friday, Nizhne-Lenskoye (part of ALROSA Group) won the auction for the right to carry out exploration and mining on the diamond placer along the Molodo River in the Republic of Sakha (Yakutia).
For the right to use the subsurface mineral resources contained in the deposit, Nizhne-Lenskoye offered RUB 51.776 million against the starting price being RUB 43.147 million.
In accordance with the bidding rules, the auction results are subject to approval by the Government of the Russian Federation.
The Molodo River diamond field is located near the operations run by Nizhne-Lenskoye. Obtaining the right to develop this deposit is in line with ALROSA’s development strategy and will allow the Group to expand its resource base in the Republic of Sakha (Yakutia).
The Molodo river bed deposit has commercial diamond reserves classified as С1 and С2 categories reaching 905,300 carats, while its non-commercial reserves of the same categories amount to 188,800 carats. Molodo's predicted resources attributed to the Р1 category are estimated at 712,600 carats.
Theodor Lisovoy, Rough&Polished, Moscow
