ALROSA to Invest USD 31 Million in Arkhangelsk Diamond Mine

In 2003 ALROSA is to invest around USD 31.5 million in the development of diamond deposits in the Arkhangelsk Region. According to Prime-TASS, this was announced today by the Arkhangelsk regional administration's press office. USD 5.3 million of this figure has already been invested in mining and other specialised equipment.

ALROSA has set up the Severalmaz company to develop the deposits. Severalmaz is currently building a railway line from Arkhangelsk to the village of Svetly, and also buying equipment, and repairing the Arkhangelsk - Svetly road together with five bridges.

The press office also announced that ALROSA's management is planning to invest a further USD 350 million in developing the deposits. This will be made up partly of the company's own funds and partly of outside investment. Prime-TASS also reports that the company's experts suggest that in a few years Severstal shares may be floated on the market.

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