Almazy Rosii-Sakha, Russia’s largest producer and exporter of rough diamonds, has formed a company to develop kimberlite pipes in the Nyurba district of Yakutia.
Alrosa-Nyurba was set up to mine two diamond pipes discovered in the Nakyn kimberlite province in western Yakutia, which is thought to be prospective for additional alluvial and lode diamond deposits.
Reportedly, the two pipes — Botuobinskaya and Nyurbinskaya — hold potential for producing US$400 million worth of stones in five years. The proposed development, which will include a mill, is estimated to cost US$350 million.
The pipes are estimated to have a mine life of 25 years. In addition to developing the pipes, the new company will promote Russian diamond mining ventures and attempt to attract investment in the diamond sector from both Russia itself and foreign companies.
Almazy Rosii-Sakha expects to receive an investment credit of US$500 million from Western banks after it signs a trade deal with De Beers Consolidated Mines. Part of that funding will be applied to development of the pipes.
— With files from Interfax News Agency.
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