On March 28, 2011, President of ALROSA Fedor Andreev held a working meeting with Company managers. Company sales activities, its current financial position, and development issues of the ALROSA corporate management system were discussed.
In the first quarter of this year, the ALROSA Group has sold rough and polished for more than USD 953 million. The Company has registered continuing high demand for rough globally, including the markets of India and China. ALROSA expects this trend to remain in the world market in the middle-term, due to a significant increase in rough demand over supply, first of all.
To enhance the quality of the corporate management system of the Company, Fedor Andreev gave orders to establish a budget planning center of ALROSA to acquire the status of a Company department in Moscow. The department is to undertake strategic planning and consolidated management budgeting functions of ALROSA’s subdivisions and its production subsidiaries, including those in charge of new mining projects, namely of the Timir Project for developing a group of iron-ore deposits in the south of the Republic of Sakha (Yakutia).
Besides, the meeting considered material incentive issues of Company staff and the time schedule and procedures for fulfilling the decision of the ALROSA Executive Committee about increasing the minimal compensation level for Company employees who have the first and second qualification grades.