ALROSA Executive Committee Meeting

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On November 26, 2010 the ALROSA Executive Committee held its regular meeting in Mirny, Republic of Sakha (Yakutia).

The Executive Committee approved the Company’s interim production and financial results for nine months of 2010.

It was stated that the consolidated rough and polished sales of ALROSA Group (including ALROSA Co. Ltd., OJSC ALROSA-Nyurba, OJSC Almazy Anabara, OJSC Severalmaz) over this period amounted to USD 2,788.0 million, including rough diamond sales of USD 2,677.6 million.  Over 70 per cent of the goods were sold on external markets.

The companies of the Group produced USD 1,706.0 million worth of rough diamonds, including USD 1,242.3 million produced by ALROSA Co. Ltd.

The net profit of the ALROSA Group for 9 months of 2010 amounts to RUB 9,354.4 million, as compared to RUB 4,844.5 million for the similar period of pre-crisis 2008. The net profit of ALROSA Co. Ltd. for the reporting period is RUB 6,413.0 million.

The costs budget totaled RUB 47,323.8 million.

The Executive Committee reviewed the results of the ice-free shipping period on the river Lena. Altogether 337 thousand tons of material supplies and equipment were delivered to the Company’s operational sites during the shipping period. The supply and logistics divisions were instructed that the length of the tender bidding process be reduced and the practice of electronic contract-making and procurement of supplies on e-commerce sites be encouraged in the course of preparation and conducting of the 2011 shipping period.

The implementation of the 2010 production plans, and three-year development forecasts of two ALROSA subsidiaries, OJSC Almazy Anabara and OJSC Severalmas were discussed.

Also, on November 26, 2010, President of ALROSA Fydor Andreev and Chairman of the Profalmaz labor union Rishat Yuzmukhametov signed the collective bargaining agreement between ALROSA Co. Ltd. and the labor union for the period of 2011 – 2013.  The collective agreement is to ensure efficient regulation of labor relations in ALROSA and strict implementation of social obligations to employees and their families.

This page was last updated on 26 November 2010 at 09.34