ALROSA Supervisory Board approves 2016 budget, expects diamond sales at $3.5bn

ALROSA’s Supervisory Board has approved the group’s 2016 budget at a meeting held on December 22, the company said in a statement.

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“The 2016 mining operations plan is drawn up in accordance with ALROSA’s Long-term Development Program,” reads the statement.

“Diamond production by ALROSA Group is expected at up to 39 million carats. The key objectives of the 2016 production program is to reach the design capacity of the Mir underground mine and put the second start-up complex of the Udachny underground mine into operation in the second half-year.”

The Russian partially state-owned diamond mining company projected its rough diamond sales to reach up to US$3.5 billion in 2016, taking into account a minimal demand growth.

The budget also allocates funds for anti-crisis measures with the cumulative effect of RUB 12 billion due to optimisation of operating, investing and financial activities.

The Supervisory Board also approved a number of transactions and considered matters pertaining to the non-core assets divestment program, including ALROSA’s gas assets.

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