Russian diamond mining company Alrosa plans IPO

The Telegraph.com reports that Diamond mining company Alrosa intends to raise much needed funds through a share offering.

In October, lawmakers in the Republic of Sakha (Yakutia) in remote eastern Siberia, which owns about 40pc of the diamond monopoly, agreed to allow the company to become public. To raise funds, Alrosa has already changed its legal status in order to sell between 20-25pc of its shares, possibly in 2011.

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