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LUKOIL to Launch Diamond Production in the Arkhangelsk Region

27 february 2014

LUKOIL company will soon start commercial production of diamonds at diamond deposit named after Vladimir Grib located in the Arkhangelsk region. Ore mining and processing industrial complex is being prepared to start up, as ITAR-TASS were reported at press service of the regional government following the recent business trip of Governor Igor Orlov and LUKOIL president Vagit Alekperov.
“Testing and commissioning and trial industrial mining works are currently underway at the project site with employment of all mechanisms and entire process chain,” – Chief of LUKOIL noted. “We are running autonomous power plant, open pit and processing plant at full capacity, and proceed with completion of houses for employees.”
Orlov stated that LUKOIL project will play a great role in development of the Arkhangelsk region in terms of investment opportunities, job creation and tax revenues. Alekperov also noted that thousands of new jobs will be created in the region due to the launch of commercial operation at Verkhotina mining complex.
Grib deposit is located 130 km northeast of Arkhangelsk and operated by a subsidiary of LUKOIL - OJSC Arkhangelskgeoldobycha.
According to preliminary estimates, diamond reserves of the deposit are about 100 million carats. The total investment in the project is estimated at $850 million.