Russia’s ALROSA plans to produce 34–39 mln carats in 2016

MOSCOW, Mar 17 (PRIME) -- Russian uncut diamond mining giant ALROSA plans to produce 34–39 million carats of diamonds in 2016, President Andrei Zharkov said Thursday in a conference call.

“We have two scenarios that encompass diamond production levels of 34–39 million carats in 2016. A decision on that will be made very soon. We do not rule cutting production. Our plan for the year envisages sales of 100% of produced diamonds and a cut of our reserves,” he said.

As of late 2015, the company’s reserves contained 22 million carats of diamonds worth about U.S. $2.5 billion, he said.

ALROSA also does not plan to raise its capital expenditures in 2016 and keep the amount flat on the year, he said. In 2015, the company’s capital expenditures fell 5% on the year to 34.241 billion rubles.

(71.0256 rubles – U.S. $1)

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