Industry News by Nemesis

ALROSA to Increase Production to 39M Carats in 2016: Interfax

December 9, 2015

ALROSA expects to increase diamond production to 39 million carats in 2016, Russian news source Interfax reported December 8, citing company president Andrei Zharkov. This compares with 38 million carats which the Russian miner is on track to recover for 2015.

“Production volumes remain in line with the targets factored into the company's long-term development program, in other words about 39 million carats,” Interfax cited the executive as saying in an interview with the miner's media outlet. "We expect that the situation on the rough and cut diamond market should stabilize next year. And in general, we expect that there might be an improvement in the second half of the year.”

The news comes despite ALROSA’s first vice president, Ilya Ryashchin, saying in a call with analysts last month that the miner might “reconsider” its production volumes because of the size of its inventory.

“[In 2015] we plan to mine more than 38 million carats,” Zharkov added. “Unfortunately, we could not sell this whole amount of mined rough on the market, so part of it will go into our inventory. But these are liquid inventories that can be instantly turned into revenue if the situation on the market improves.”

 

Source: Rapaport

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