On September 6, 2010, President of ALROSA Fedor Andreev held a working meeting with Company managers. ALROSA’s development perspectives, current financial situation and sales policies were under discussion.
By preliminary estimates, over 9 months of 2010 ALROSA will sell rough and polish for more than USD 2,780 million. Over 8 months of its current activities, rough and polished sales amounted to more than USD 2,565 million.
In 2010, the Company plans to sell its main produce (rough and polished diamonds) for USD 3,344 million, which is slightly in excess of prior forecasts.
In the second half of the year, the Company has registered stabilized rough demand, with stable positive dynamics, especially in the premium segment.
By the end of 2010, ALROSA plans to reduce its total debt to USD 3,200 million; and 90% of the debt portfolio will be long-term loans.
The Company has practically completed delivery of material and technical goods, fuel, explosives, and equipment in the 2010 navigation period. At present, all the Company subdivisions and sites have 100% of the resources available.
The meeting also discussed development outlooks of the «Timir» iron ore project, the procurement cost reduction program, and other issues of ALROSA’s current activities.