Alrosa Doubles Its Stake in Yakutia Diamond Miner

A subsidiary of the Russian state-owned diamond company Alrosa has doubled its stake in OAO Nizhne-Lenskoye, the diamond mining company operating in northwest Yakutia, Rough and Polished reports. Until last week, Alrosa's subsidiary Almazy Anabara owned 51% of the shares in the mining firm; as of Wednesday, it increased its holding to 100% of the shares, purchasing the remaining 49% from Yakutia's Ministry for State Property Management.

Six months ago, Almazy Anabara purchased its controlling interest in Nizhne-Lenskoye for approximately $113 million, securing its annual production volume of 2 million carats of rough diamonds. The miner operates in the alluvial fields of Molodo, Billyakh and Olenyok, conveniently located in close proximity to Almazy Anabara's operations. Nizhne-Lenskoye's rough diamond reserves of 26.4 million carats are expected to last for another 17 years if mining continues apace, according to Rough and Polished.

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