During a regular meeting of the ALROSA Executive Board in Udachny in Yakutia, chaired by President Fyodor Andreev, the executive board reviewed the unaudited production results and financials of the ALROSA mining and processing divisions for 2009. The technical and performance indicators of the processing plants and dredges meet all the target parameters. The aggregate rough diamond output by the ALROSA Group of companies amounted to US$2,264.6 million.
The agenda also included a presentation of a feasibility study for the mining and processing project at the Lomonosov Mine and the OJSC Severalmaz development prospects prepared by Yakutalmaz Research & Design Institute. According to it the optimum production capacity of the project is set out at 4.0 million tons of ore per annum. The expected life of the project is 17 years, with material for processing coming from the reserves of the Arkhangelskaya and Karpinskogo-1 pipes that are to be mined to a maximum depth of 348 and 298 m, respectively. In 2010-2026 the total of 54.8 million tons of ore will be processed.
The feasibility study provides for construction of another processing plant with a capacity of 3.0 tons of ore per annum to be commissioned in Q4 2013. The plant is expected to attain its design capacity in Q1 2015.
A new budget of the OJSC Severalmaz based on the feasibility study and program of financing of the project must be developed and submitted for approval to the ALROSA Supervisory Board.
Another item on the agenda was financing of the final phase of the Palmyra of the North Hotel construction project in St. Petersburg. It was resolved that the obligations under the investment contract would be performed in full – the project will be completed and placed into operation. The relevant structural units of ALROSA were instructed to organize a tender in order to select a contractor organization for the completion of the project, and to develop proposals concerning optimization of all the assets of ALROSA in St. Petersburg.
Related posts:
- Alrosa’s Rough Production Target for 2009: US$2.1 Billion
- Alrosa Preliminary Results: Diamond Mining Worth Over $2,244 Million in 2009; Aiming for Rough Diamond Production worth $2,314.4 Million in 2010
- Russian Diamond Miner Alrosa Plans to Produce Over 100,000 Between 2010-2012
- Russian Diamond Miner Alrosa’s USO Sees Increasing Demand for Rough Diamonds in 2010; To Diversify Geographical Operations
- Alrosa Ponders 430 Million Carats of Diamonds by 2018
