On February 7, 2011 President of ALROSA Fyodor Andreev held a regular working meeting with the Company’s senior management. The agenda included items relating to sales, the Company’s current financial status, the implementation of the program for innovative development, the implementation of the Timir project.
In January the ALROSA Group sold over USD 313 million worth of rough and polished diamonds. The Company projects that in Q12011 the total volume of rough and polished sales by ALROSA Group will amount to over USD 880 million. The Company states that since the beginning of the current year, following positive results of Christmas sales of diamond jewellery, there has been a sustainable demand for rough diamonds in the market.
As of now, ALROSA’s aggregate credit portfolio amounts to USD 3.22 billion. By the end of 2011 the Company’s obligations are projected to be reduced down to USD 2.78 billion.
The updated program of the Company’s innovative development is to be submitted for approval of the Supervisory Board by the Executive Committee in February of 2011.
Also issues related to the implementation of the license agreement providing for the development of a cluster of iron ore deposits in southern Sakha (Yakutia), the Timir Project, have been discussed, in particular, the feasibility study of the costs of the project implementation and the beginning of the practical works at the Tayozhnoye deposit.