Russia Diamond Monopoly To Invest In Exploration

diamondAlrosa, Russia’s state-owned diamond monopoly, will allocate $141.2 million for diamond exploration projects in 2012.

A spokesperson for the company told the Interfax news agency that Alrosa had approved a multi-year budgeting plan through 2018. The spokesperson, Afanasy Yegorov, said that if the company finds new diamond fields, it will acquire total control and not issue any tenders for the deposits.

The government also plans to infuse cash for exploration projects in addition to the funds committed to by Alrosa, the company said. Last year, Alrosa invested $620 million in exploration, most of which was used to expand the mineral resource base of Alrosa and three of its local mining subsidiaries.

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