Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Russian giant Alrosa (MCX:ALRS) confirmed that diamond mining at its Zarya deposit will start in 2019.
In a press release, Alrosa explained that after removing 10 million cubic meters of overburden for over two years, the development of the new deposit is going as planned and is entering the final stages. The depth of the open pit mine now reaches 100 metres.
Once completed, the mine is expected to reach its design capacity of 1,250 million tonnes of ore annually in 2021.
Total diamond resources at the Zarya deposit, which is located in the eastern Republic of Sakha (Yakutia), are estimated to contain 3.5 million carats of diamonds worth more than $1 billion.
“The development of the field is planned to a depth of 300 meters with the extraction of 12 million tons of ore. The open-pit mining of reserves is planned in 2030 to be finished. The average diamond content is estimated at 0.28 carats per ton of ore,” the media statement reads.
