Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
In 2016, ALROSA’s investments in underground mines and other core production facilities amounted to RUB 16.5 billion or 60% of the Company’s total capital investments. Over RUB 7 billion was allocated to technical upgrade and replacement of worn-out equipment, RUB 2.7 billion was invested in ancillary facilities. Such figures were announced summarizing the results of the Annual General Meeting of Shareholders.
The Company invested a substantial amount – almost RUB 5.5 billion – into the construction of Udachny underground mine. Persistent efforts were also taken to support existing facilities at Mir, Internatsionalny, and Aikhal underground mines.
The Company started developing a new primary diamond deposit – Zarya. It is one of ALROSA’s largest investment projects and its development guarantees loading of existing capacities of Aikhal Mining and Processing Division for at least two decades ahead.
Mir underground mine reached its design capacity of 1 million tons of ore per year, its proved reserves will be sufficient until 2057.
ALROSA is still actively working to establish a diamond mining facility on the deposit of Verkhne-Munskoe kimberlite field. In accordance with the Investment Agreement signed with the Ministry for the Development of the Russian Far East in 2016, the total investment in the development of the deposit will be RUB 63 billion. According to Sergey Ivanov, government support for the project emphasizes its utmost importance and potential for the development of the Russian Far East.
ALROSA is the world’s largest producer of rough diamonds in terms of carats. The Company is engaged in exploration, production and sale of rough diamonds. ALROSA’s operations are located in the Republic of Sakha (Yakutia) and Arkhangelsk region. In 2016, the Company produced 37.4 million carats of rough diamonds, with the proceeds in 2016 amounting to RUB 317.1 billion.
