ALROSA Group’s Diamond Reserves Increase to Almost 1.2 Bn Cts in 2017

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ALROSA Group after reviewing the results of geological prospecting undertaken by the Company in 2017, announced that total rough diamond reserves increased by 57.8 million carats during the year to touch almost 1.2 billion carats. This figure includes the “explored deposits under the National Reserves Committee standards”, but excludes the depletion of reserves.

“As of January 1, 2018, it was 1,182 million carats,” declared ALROSA. “In 2017, ALROSA spent a total of almost RUB 8 billion for prospecting and onsite exploration. At the same time, the Company launched a reform of the exploration complex aimed at increasing its efficiency.”

Between ALROSA and its subsidiaries, prospecting operations were carried out in the following territories: in the Republic of Sakha (Yakutia); in the Arkhangelsk region and Angola (Cuango concession).

“In Russia, prospecting operations were focused on eight most promising areas, seven of which are located in Yakutia,” the Company elaborated. “In particular, ALROSA conducted the search for diamondiferous kimberlites in southern areas of Western Yakutia, prospecting and evaluation works on Syuldyukarskaya pipe and on alluvial deposits in Srednemarkhinsky and Malobotuobinsky areas.”

ALROSA pointed out that the increase in the reserves for 2017 is due particularly to the prospecting and evaluation of deep levels of the Internatsionalnaya pipe (in the depth interval 1,190-1,650 meters); calculation of reserves at deep levels of the Yubileynaya pipe (to the level -680 meters); and completion of evaluation for the third stage of the buried Nyurbinskaya placer.

Meanwhile, ALROSA said its subsidiary, JSC Almazy Anabara, completed prospecting and evaluation operations at the sites of Khara-Masskaya Ploshchad and Malaya Kuonamka, and exploration on Lyaseger-Yuryakh and Ochuos subsoil plots.

ALROSA has also completed the first stage of changes to its exploration complex in 2017. “Three specialised competence centres: exploration, mining and drilling, scientific and analytical, were formed based on four exploration subdivisions that worked on a territorial basis,” ALROSA stated. “The purpose of these changes is to eliminate duplication of administrative and management functions, strengthen the role of the Chief Geologist Service in the exploration complex of ALROSA Group.”

After conducting an audit of its exploration projects, ALROSA has stopped work on projects in low potential territories so that it can focus with greater intensity on the more promising areas.

“The reform of the exploration complex should help to optimise it and increase its efficiency, eliminate duplicate functions, improve management efficiency, and reduce the costs,” commented Chief Geologist of PJSC ALROSA Konstantin Garanin. “According to our estimates, the cumulative effect of these changes will exceed RUB 300 million a year while maintaining the pace of exploration operations. Whereas, the strategic goal of exploration – effective replenishment and improvement of the quality of the mineral resources base – remains constant.”

News Source : gjepc.org

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

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