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ALROSA

November 4, 2004

Meeting of ALROSA Executive Board

On 4 November, 2004 the Executive Board of ALROSA Co. Ltd. held its regular meeting at the company's head office in Mirny.

The Board discussed the company's results for 9 months of 2004, construction of underground mines at the Mir, Aikhal and Udachnaya pipes, 2004 navigation results, etc.

It was noted that the projection in respect of total diamond sales for 9 months of 2004 (including sales by OAO ALROSA-Nyurba) was exceeded by 3.1 per cent. Rough diamond sales grew by 3.7 per cent as compared with the target figure. The growth was accomplished due to increased sales in the domestic market and greater than projected efficiency of sales. Polished diamond sales were 108.8 per cent, and rock mass extraction - 100.5 per cent above the target.

In relation to the construction of underground mines at Mir, Aikhal and Udachnaya the Executive Board set out specific objectives concerning each of the above mine sites. It was stressed that major targets were the reduction of construction costs and greater efficiency of construction work.

The 2004 navigation took place between May 16 ìàÿ and October 23 and lasted 161 day. During this period the total of 450 thousand tons of cargoes were delivered, or 5.2 per cent above the projection. This also includes 218 thousand tons of oil products, and 232 thousand tons of other industrial cargoes. The Board commended the efficient organization of navigation, as some contracts had been prepaid before the actual start of the navigation.

Also changes in the membership of the company's Executive Board and Tender Commission were approved. Newly appointed Senior Engineer Mikhail Ganchenko will replace recently retired Gennady Melnik there.

 

 

 

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