ALROSA Subsidiary Wins Exploration License

Rapaport reported that Nizhne-Lenskoye, a subsidiary of ALROSA (MCX:ALRS), has won a Russian government tender for a license to explore and mine a greenfield diamond deposit located in Yakutia.

As quoted in the market news,

Nizhne-Lenskoye bid $1 million (RUB 51.776 million) for the rights to the Molodo river placer deposit.

The riverbed deposit has an estimated 905,000 carats of economically-recoverable rough diamonds. The site contains another 189,000 carats in reserve that are not economically viable at current prices. ALROSA stated that the deposit has a forecast diamond resource of 712,600 carats based upon accepted accounting standards.

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