ALROSA Executive Committee approved new exploration joint ventures in Africa

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At the meeting held on April 22, 2013 ALROSA Executive Committee approved establishment of new joint ventures to be engaged in prospecting and geologic exploration in African countries.

In particular, the Company’s Executive Committee instructed, in the period till June, to prepare an agreement to be entered with the Angolan diamond mining company ENDIAMA E.P. on establishing a joint venture for prospecting, exploration and operation of diamond deposits in the Republic of Angola, to finalize the selection of diamond prospecting areas, and to work out a geological project statement and performance specifications for the creation of the design and estimate documentation.

Earlier in April ALROSA’s eventual participation in new prospecting and exploration projects was discussed during the working visit of the Company’s President Fyodor Andreev to Angola. Geological material received by ALROSA’s experts in Angola evidences of a high potential of discovering new major primary deposits in the country.

The Executive Committee also approved establishment of a joint venture on a parity basis in Botswana to be engaged in geologic exploration aimed at discovering diamond deposits and subsequent obtaining of the rights for their exploitation. The prospecting operations draft to be developed by autumn 2013.

This page was last updated on 22 April 2013 at 09.19