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US Supreme Court denies ADC to continue proceedings against LUKOIL

17 november 2016
(TASS) – The United States Supreme Court has passed a judgment in favor of LUKOIL saying that Archangel Diamond Corporation (ADC) Liquidation Trust’s case against LUKOIL could not be pursued in the United States, LUKOIL said in its statement.
“This is the seventh separate court, which ruled in favor of LUKOIL on the issue. By this decision the Supreme Court has put an end to ADC’s pursuit of any further litigation in the United States. The verdict passed on November 7, 2016 is final and not subject to appeal," LUKOIL’s statement says.
ADC filed a series of claims against LUKOIL for damages based on the agreement concluded in 1993 between OAO Archangelskgeoldobycha (a 100-percent subsidiary of LUKOIL) and ADC with regard to financing and development of a diamond field in northern Russia.
The original lawsuit was filed to the US Colorado Court in November 2001. Over the next 15 years, the case was heard in the courts of the State of Colorado, as well as in the US federal courts. Initially, the first instance court of the Colorado State left the claim without consideration. This decision was ultimately upheld by the Colorado Court of Appeals and the Supreme Court of the State of Colorado.
Shortly before its claim was denied to be considered by the courts of Colorado, ADC addressed an identical suit to a federal court, namely to the United States District Court for the District of Denver. Having heard the case, the District Court ruled in favor of LUKOIL and ceased judicial proceedings. However, before the proceedings were ceased ADC managed to transfer the case to the Bankruptcy Court, which ruled that ADC was "manipulating jurisdictions" and promptly returned the case to the US District Court. After the ADC claim was left without consideration by the District Court, the Court of Appeal ruled in favor of LUKOIL and upheld the decision to leave the claim without consideration.
The Grib Diamond Field was discovered in the Mezen District of the Arkhangelsk Region of Russia in 1996. It is located 130 km north-east of Arkhangelsk and is Russia’s fourth-largest diamond field in terms of diamond reserves. It took more than $ 1 billion of investments to develop the Grib Diamond Field. It will be mined as an open pit to the depth of 460 meters, and then the mine will go underground to the level of 1,000 meters. It is planned to produce more than 57 million carats of diamonds by way of open-pit mining by 2027. The field's reserves are estimated at 100 million carats.
Archangelskgeoldobycha completed the construction of a mining and processing integrated works at the Grib Diamond Field, which has an annual rated capacity of 4.5 million tons of ore.
The Grib Diamond Field was the second deposit of precious stones being developed in the bowels of Russia's Pomorye.
In June 2005, ALROSA started commercial production at the Lomonosov Diamond Field consisting of six kimberlite pipes located 100 km from Arkhangelsk. Its reserves are estimated at $ 12 billion.