Alrosa to invest More than $2 Billion in a New Diamond Mine

Russian diamond mining giant Alrosa will build a new mine on the site of flooded Mir in Yakutia, with investments in the project expected to amount to 126 billion rubles (more than $2 billion), according to Rough & Polished.

Head of Yakutia Republic Aisen Nikolaev said at a recent meeting on the socio-economic development of the region: “It is planned to invest 126 billion rubles in the Mir-Gluboky project, a completely new mine will be built to replace the one lost in 2017. 825 jobs will be created.” At the beginning of 2022, Alrosa estimated that the work on the project will take six to nine years.

The mine was closed indefinitely in August 2017 after a fatal accident that cost the lives of eight miners.

In other Alrosa-related news, the company “presented to analysts of investment banks and financial companies its vision of the prospects of the Russian diamond investment market and the annual issue of a report on this topic,” according to Rough & Polished. Dmitry Amelkin, Director of Strategy at Alrosa, said that the company offered banks two specialized products for clients – rare individual diamonds and a new product called “Diamond baskets” with the option of repurchase. The entry threshold for “Diamond baskets” is $25,000 in ruble equivalent, and for exclusive diamonds – $50,000.

The post Alrosa to invest More than $2 Billion in a New Diamond Mine appeared first on Israeli Diamond.