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ALROSA

October 14, 2004

ALROSA group to have a new integrated mining and prosessing complex

On October 4th the integrated mining and processing complex at Europe’s largest Lomonosov diamond deposit was officially christened as the Lomonosov Integrated Mining and Processing Combine within OAO Severalmaz (or simply the Lomonosov GOK).

In August 2003 the development of the Arkhangelskaya pipe (one of the five pipes at the Lomonosov) began. As of October 1, 2004 1.7 million of cubic meters of overburden as compared to the target of 2.6 million were sripped. Stripping is to be completed by year end.

Under the programme of industrial development of the Lomonosov diamond field OAO Severalmaz aims in the short-term to complete the construction of a mine and processing facility (in 2005) and during the next five years operate a pilot processing plant at the Arkhangelskaya pipe with a capacity of 1 million tons of ore per annum. The contractor for the processing facility is Swedish Metso Minerals. The first deliveries of the equipment are to be made late in October.

With the commissioning of the ore processing facility, full-scale production will begin there. That will mark the beginning of the Lomonosov GOK which ( as anticipated in 2009) will have grown into a mining and processing complex with a capacity of 5.6 million tons of ore p.a. coming from the three pipes of the Lomonosov deposit – Arkhangelskaya, Karpinskogo-1, Karpinskogo-2.

During 2005 the first commercial diamonds are to be recovered.

For your reference:

OAO Severalmaz is a joint project between ALROSA Co. Ltd. (92, 3%) and the Arkhangelsk Regional Committee for the Management of State Property (5.1%). The company’s authorised capital is RUR 389.4 million.

The project finance strategy has been developed and is implemented by OAO Investment Group ALROSA (IG ALROSA), subsidiary of ALROSA Co. Ltd. In spring 2004 $ 150 million in funds were raised for the implementation of the project. In August 2004 ALROSA Co. Ltd. handed over its stake in Severalmaz for entrusted management to ZAO IK SOLEX, subsidiary of IG ALROSA.

 

 

 

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