De Beers only selling Elizabeth Bay Mine in Namibia, move to sustain operations beyond 2019

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Yesterday

Colorless diamonds as an investment class are evolving beyond their traditional ability to preserve, relocate and pass on wealth

Antonio Cecere, the Founder & VP of Monaco Diamond Exchange dons many caps simultaneously. Currently, he is the President of Geneva Diamond Exchange, the President of Diamond Investment Club and the Principal of the Cecere Group. Antonio’s ability to...

15 april 2019

Jewellery with diamonds, even with small ones, sells better than without diamonds

The Yakut jewellery firm Kierge was set up 25 years ago on the basis of the jewellery workshop PKF Yakutrembyttekhnika which, in its turn, was founded way back in the 1970s. Over this period, Kierge turned into a well-established company successfully...

08 april 2019

Lucapa’s Wetherall on the past, present and the future

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01 april 2019

India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

A go-getter at heart, with an attitude to match, Pramod Kumar Agrawal, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India is a man in a hurry. He has not left any stone unturned to bring back the Indian gem & jewellery...

25 march 2019

ALROSA’s Mir mine will not be restored in the next two years

09 november 2018
The projected capex of ALROSA for 2019 and 2020 does not include funds for possible restoration works at the Mir diamond mine, as the decision to restore it has not yet been made, according to SakhaNews news agency citing TASS.
“Yes, we confirm our current vision of the company’s total capex for 2019 and 2020 in the amount of 26 and 28 billion rubles respectively. I draw your attention that these figures do not include any investments related to possible restoration of the Mir mine, the decision on which has not been made so far,” said Alexey Filippovsky, Deputy CEO of ALROSA at a telephone conference call, according to the news agency.
The Mir kimberlite pipe was discovered in 1955 and then it was developed as an open-pit mine until 2001. The Mir underground mine was commissioned in August 2009 in the presence of Vladimir Putin, the then Prime Minister of the Russian Federation. ALROSA spent 22 billion rubles for the construction of the underground mine. Its capacity was 1 million tons of ore per year. The company planned to continue mining operations at Mir for more than 30 years. However, mining at Mir stopped in August 2017 due to an accident that led to its flooding.
Nikolai Pokhilenko, Director of the Sobolev Institute of Geology and Mineralogy at the Siberian Branch of the Russian Academy of Sciences noted at one time that the residual reserves of diamonds at Mir are very large, its ore is rich, and the recovery makes economic sense, since ALROSA has not so many diamond deposits of this class. Vladimir Dyukarev, who held the position of First Vice President - General Director of ALROSA from 1995 to 2002, also spoke in favor of restoring the Mir mine.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg