Alrosa will sell about $88 million worth of non-core operations during 2019 so it can focus on its diamond business.
The miner will auction off more than 80 assets, including land, construction sites, heating and electricity services, vacation resorts, and housing projects, the company said Thursday. Alrosa’s supervisory board approved the plan at a meeting on December 14. It will hold the first public auction in the first quarter, with a second sale taking place in the fourth quarter.
“The sale of non-core assets is one of the priorities set by the shareholders to the management of Alrosa,” a company spokesperson told Rapaport News. “This is expected to have a positive effect on the economic performance of the Alrosa group, and the quality of management, allowing Alrosa’s management to focus on developing the core business for the company.”
This year, the miner sold off gas assets, property and land for approximately RUB 31 billion ($447 million).
Image: Flags outside an Alrosa facility. (Alrosa)