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ALROSA’s performance approved in Yakutia

25 december 2009

On December 24, 2009 Vyacheslav Shtyrov, President of the Rupublic of Sakha (Yakutia) held a meeting to discuss ALROSA’s production and financial performance in 2009, as well as plans for the next year, according to YSIA referring to the Press Department of Yakutia’s President and Government.
The meeting was attended by Yegor Borisov, Chairman of Yakutia’s Government, members of the Cabinet of Ministers, and ALROSA’s management team headed by the company’s President Fyodor Andreyev.
On the whole, the results of the current year were positively evaluated by the Republic’s authorities. They also approved the company’s plan for 2010.
In her report, Valentina Potrubeiko, ALROSA’s Vice President, noted that in the current year the company’s performance was strongly influenced by lower rough sales due to slumped demand and decreased prices which dropped 17% vs 2008 being driven downwards by the financial and economic crisis.
“In the first quarter of 2009, the company virtually did not sell any diamonds. One of the major lines in its activity was to fulfill the anti-crisis program which included curtailed spending, maintaining operating capacity and diamond output. Due to the decisions taken by the company’s stakeholders, including Yakutia’s government, and with the support rendered by the federal government the company was able to take a whole range of measures to step up sales. We sold $923.4 million worth of diamonds to Gokhran of Russia. This permitted to stabilize the company’s financial position. On the international market we worked with foreign companies to conclude long-term agreements for purchasing rough diamonds. This made it possible to increase our sales starting from the third quarter of the current year. The company was engaged in recipient-oriented work with its customers on the domestic market as well. Besides, in the current year the company launched two underground mines, Mir and Aikhal,” Valentina Potrubeiko said.
In 2009, the ALROSA Group sold $2187.2 million worth of diamonds, of which $2127.2 million were paid for rough diamonds and $60 million for polished. The company expects to fulfill its diamond mining plan at the level of 101.2%. Yakutia’s budget will receive 6 682 million roubles in taxes.
In 2010, the ALROSA Group plans to drive its rough output to $2 314.4 million. The company’s target will be to sell $3302.3 million worth of rough and polished diamonds. The Russian Federation’s Gokhran will purchase diamonds for the amount of $872.1 million, while the rest of the company’s rough output will be sold on the market. ALROSA plans to sell $124.9 million worth of polished diamonds. Not less than 70% will be sold under long-term contracts.
In 2010, ALROSA will refinance its short-term liabilities using long-term rouble and forex bonds. By January 1, 2011 the company’s planned credit indebtedness will amount to $3284 million.
During the discussion at the meeting the head of the republic gave a positive evaluation to the company’s performance in the current year. “Despite the difficulties caused by the crisis the company’s major indicators reflect positive dynamics. To a great extent this was achieved due to the decisions taken by the stakeholders, support rendered by the federal government and well coordinated work of the company’s management. The company’s plans and its targets for 2010 are agreed with the Republic’s government. This gives us a tune for positive work,” Vyacheslav Shtyrov said.
The Republic’s leader also stressed that while developing plans for the future it is necessary to pay special attention to stepping up exploration works: “We have to expand the range of our work and think about our future. In this context, the time requires innovative approaches.”