Working Meeting at the President of ALROSA

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On September 24, 2012 ALROSA’s President Fyodor Andreev held a working meeting with the Company’s management. The Company’s current financial standing and the issues relating to the sales policy and implementation of the program for the underground mines construction were discussed at the meeting.

According to the preliminary estimate of the Company’s sales department, in September 2012 ALROSA Group is selling some USD 400 million worth of rough and polished diamonds. Following the results of 9 months, ALROSA is planning to sell rough and polished diamonds for about USD 3 billion 175 million.

The Company has noted the start of a global diamond market recovery and is predicting the growth in demand in 4Q 2012. Summarizing the results of the inspection of Mir underground mine by Rostekhnadzor, ALROSA has updated the schedule of the drainage level construction with the first stage to be completed in October. With a view to ensure the operating safety before the start-up of the first stage of the drainage level is completed, the works on two upper levels have been suspended.

Normal operation is maintained on other levels of Mir underground mine.

At the same time, ALROSA’s engineering services are sure that the construction of the drainage level only will not solve the problem of water inflow. Today ALROSA is working on the artificial reinforcement of watertight properties of the pillar (partition) between the bottom of the Mir open pit and underground mine. Although these works are not provided for by the initial project, the day-to-day operation of the mine has proved its necessity. This project has been approved by Rostekhnadzor, and the relevant review of the industrial safety expert examination has been issued.

The results of the investigation of death of the Company’s employees at the Udachny mine as a result of an explosion of a methane-air mixture were discussed at the meeting. The major conclusion is that there was a gross violation of safety rules, when the shift was permitted to work in the airless mine face.

It was resolved to create a system of triple control over execution of the life safety regulations, which includes handheld gas analyzers, the system of machines and mechanisms forced stoppage when the permissible methane concentration in the air is exceeded, and the system of continuous data transmission on the current air condition in the mine face from stationary sensors to the control station on the surface.

This page was last updated on 24 September 2012 at 14.45