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ALROSA

December 28, 2004

Meeting of ALROSA Executive Board

The ALROSA Executive Board held its last meeting in 2004 under the chairmanship of A. Nichiporuk, President of ALROSA Co. Ltd., in Mirny on December 28.

The main item on the agenda was the company’s production and financial targets for 2005? Presented by V. Potrubeiko, Vice President for Economics and Planning. The Board approved the following projections for 2005:

Description

Year 2005

Rough diamond output

USD 1,673.1 million (USD 2,185.1 million including ALROSA-Nyurba output)

Total diamond sales

USD 2,196.6 million (with polished diamonds sales of USD 142.6 million)

Total diamond sales together with ALROSA-Nyrba rough diamond sales

USD 2,791.6 million

Net profit

RU 13,054.9 million

Capex

RU 13,979.5 million

Maximum amount of indebtedness

USD 985 million

Exploration budget

RU 1,630. Million

In 2005 ALROSA will continue to aim at cost reduction, increased production efficiency and bigger diamond sales. Also its reforms in exploration and construction divisions will continue. The reforms in construction divisions are to be completed in 2008 with the establishment of an engineering company. The first step in the restructuring of the company’s utilities and municipal services will be made in 2005.

The Board also decided to dissolve its subsidiary OAO Irelyakh ORS.

A new sport complex in Mirny was christened after the 60th Anniversary of the Victory in the World War II.

The Executive Board work schedule for 2005 was also approved.

 

 

 

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