ALROSA plans no serious strategy shifts, structure changes possible

MOSCOW, Jun 30 (PRIME) -- Russian uncut diamond mining giant ALROSA does not plan to change the main principles of its development strategy such as strengthening the raw diamond market position, but may slightly adjust it, the company quoted CEO Sergei Ivanov as saying on Friday following an annual general meeting of shareholders.

“We have a large potential in our infrastructure projects, including those in Angola. Documents to set up a joint venture to develop the Luele kimberlite pipe, one of the biggest mines discovered in the past 60 years, have already been signed,” the executive said.

He added that his company plans to boost a stake in Angola-based Catoca venture to 41% and will continue to develop investment projects in Russia’s northern republic of Yakutia, including a producing facility at the Verkhne-Munskoye deposit.

ALROSA plans to reduce costs and raise margins on the back of structural and staff changes.

“The company needs reforms, higher manageability and transparency… We will adjust business processes, work on the quality of management decisions and performance discipline and, of course, optimize expenses,” Ivanov said.

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