Russia’s ALROSA to get 8.5 bln rbl budget money for field devt

MOSCOW, Dec 24 (PRIME) -- Russian uncut diamond mining giant ALROSA will receive 8.53 billion rubles from the budget for development of its diamond mining venture at the Verkhne–Munskoye ore field, a representative for the Far East Development Ministry told PRIME Thursday after a meeting of the government commission.

The Verkhne–Munskoye field consists of four kimberlite pipes with combined reserves of 65 million tonnes of ore under C1 and C2 categories. Production at the field is to be launched in 2018.

According to the ministry, 62.98 billion rubles of private investments will be allocated for the development of the venture besides budget money. The venture is expected to reach a projected production capacity by 2019.

The government commission has also approved granting 9.95 billion rubles to the Magadan Region–based unit of gold producer Polyus Gold for construction of a mining and processing plant Martirosov Mine at the basis of its Natalka gold deposit. The project also encompasses 88.56 billion rubles of private investment.

(70.9333 rubles – U.S. $1)

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