Industry News by Nemesis

Alrosa Production Drops in First Quarter

April 23, 2018

 

Alrosa’s diamond production decreased 17% in the first quarter of 2018, driven by several factors, including the retrieval of lower-grade ore from the Jubilee pipe. 

Output fell year on year to 7.4 million carats for the first three months ending March 31, the Russian miner said last week. 

Production at the Mirny division declined following the shutdown of the Mir underground mine in August 2017 after a flood that claimed eight lives, noted Alrosa first deputy CEO Igor Sobolev. The processing of lower-grade ore from the Jubilee pipe also affected production levels, as did the termination of mining at the Udachny open pit, he added. 

The company sold 13.3 million carats for the period. Of that, 10.1 million carats were gem-quality diamonds, which sold at an average price of $154 per carat, while 3.2 million carats of industrial stones yielded an average price of $8 per carat. 

Sales of rough stones garnered $1.58 billion, and polished stones fetched $23.7 million. 

Alrosa expects production to total 36.6 million carats for fiscal year 2018, an 8% drop from the 39.6 million it recovered last year.

Image: Alrosa

 

Source: Rapaport

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