Alrosa Group (MCX:ALRS) is pleased to announce its exploration results for 2017. The diamond company reported an increase in diamond reserves by 57.8 million carats. The findings were a result of exploration and prospecting operations, most of which reside in Yakutia. Alrosa also conducted an audit of its exploration projects and implemented the first stage of a reform of its exploration complex.
Chief Geologist of PJSC ALROSA, Konstantin Garanin commented:
“The reform of the exploration complex should help to optimize it and increase its efficiency, eliminate duplicate functions, improve management efficiency, and reduce the costs. According to our estimates, the cumulative effect of these changes will exceed RUB 300 million a year while maintaining the pace of exploration operations. Whereas the strategic goal of exploration – effective replenishment and improvement of the quality of the mineral resources base – remains constant”.