ALROSA Sold Only 42 Percent of Diamonds Mined in Q3

ALROSA (MCX:ALNU) released its production and preliminary trading performance results for Q3 2015, as well as the first nine months of the year.
According to Bloomberg, the company produced about 11.6 million carats during Q3, up from 20 percent in the year-ago period. However, the major miner sold only 4.9 million carats during that time. That’s only 42 percent of the total that it mined.
Here’s a look at other key production points:

ALROSA’s 9M 2015 diamond production totalled 29.6 million carats, up 16% y-o-y, driven by the following projects:

• growth in diamond production at the Mir underground mine as a result of measures to stabilise its hydrogeological conditions,
• diamond output growth at Karpinskogo-1 pipe of Lomonosov deposit (Severalmaz),
• continued mining operations at the Botuobinskaya pipe, commissioned in Q1 2015,
• the Udachny underground mine development.

The Company confirms its previously announced production plan of 38 million carats.

Preliminary sales performance results are as follows:

Indicatively, in 9M 2015 ALROSA sold 23.0 million carats of diamonds. Revenue from rough diamond sales is set to reach at least USD 2.7 billion.
In Q3 2015, ALROSA sold 4.9 million carats of diamonds, including 3.0 million carats of gem-quality diamonds at an average price of USD 182 per carat and 1.9 million carats of industrial diamonds at an average price of USD 9 per carat. Preliminary revenue from rough diamond sales in Q3 2015 exceeded USD 550 million.
In Q3 2015, ALROSA’s gem-quality rough diamond prices declined by 8% in line with the slowdown in the diamond market.

Click here to read the full ALROSA (MCX:ALNU) press release.