ALROSA – SALE – ASSETS
Diamond producing giant Alrosa intends to sell two of its oil and gas assets in Western Siberia, Israelidiamond.co.il reported. The latter are reportedly valued at $400-700 million.
The Geotransgaz and Urengoi Gas Company possess total reserves valued at $1 billion in oil equivalents. The names of prospective buyers have not been disclosed but Gazprom is not expected to make an offer.
According to some analysts, companies like Russian independent gas producer Itera and Novatek, which have the ability to transport natural gas through Gazprom's network of pipelines, may be interested in the purchase.

PANGEA DIAMONDFIELDS – MANAGEMENT CHANGE – CEO
Pangea Diamondfields (PDF) has announced that as advised in Pangea’s recent 2007 Annual Report, Rob Still will step down as the company’s Chief Executive Officer due to competing work and family commitments, RAPAPORT reported. As of July 1, PDF’s current Chief Operating Officer, Brett Thompson, will assume the role of Chief Executive Officer.
Rob Still will remain involved in the diamond company as Deputy Chairman. The board reiterated their faith in both Brett’s ability and commitment to take PDF forward towards its objective of developing three operating mines by the end of 2009.

FLINDERS MINES LTD – DIAMONDS – AUSTRALIA
Flinders Mines Ltd changed their outlook on a new diamond discovery in southern Australia following additional analysis, RAPAPORT reports.
“On 26 June, Flinders Mines Ltd reported what it thought was a new diamond discovery from the Nackara Helimag survey in the area about 40km northeast of Peterborough in South Australia,” said Flinders managing director Kevin Wills.
"It was stated at the time that 'Much work, including verification of the results, is necessary before the true significance of the discovery is known'. Additional analytical work has now been completed with the result that the original diamonds have not been confirmed,” Flinders stated.
The company said that it has instituted new procedures “to avoid the misidentification of diamonds in the future.”

 Rough&Polished