ALROSA Executive Board Meeting

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On February 12, 2010 a regular meeting of the ALROSA Executive Board chaired by President Fyodor Andreev took place in Udachny, Republic of Sakha (Yakutia).

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 USD 2 264.6 m.

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.

On the previous day Fyodor Andreev had held working meetings devoted to mineral reserves of the Udachny Mining & Processing Division and its current operations.

This page was last updated on 12 February 2010 at 10.48