ALROSA President Fyodor Andreev held a business meeting with Company top managers to discuss its operation results over 9 months and forecasted financial and economic indicators of the Company in 2009.
The United Selling Organization has noted revival in demand in the rough market. In particular, this October the ALROSA Group has sold rough for a total of USD 351 million, with USD 255 million out of it in the market. The Company sold the mentioned rough at fair prices supporting thus price predictability and stability of the market, first of all, by means of
direct sales to major manufacturers.
The interest of major manufacturers to rough can testify to a positive trend of enhanced demand forming in the world market
of polished and diamond jewellery.
Over the 9 months, the ALROSA Group sold rough and polished for a total of USD 1.730 billion, with nearly 1 billion out of it in the third quarter of 2009.
The key mid-term task is to reduce the total debt of the Company significantly. As of June 1, 2009, the debt of the ALROSA Group was a bit over USD 5 billion. The Company expects to reduce its credit portfolio down to USD 3.860 billion by the end of 2009. The reduction in the debt burden is planned from recovered diamond sales and disposal of secondary assets.