Alrosa Meets 2003 Production Target

The Russian diamond mining company Alrosa has met its production target of $1.6 billion worth of diamonds, just days before the end of the year.

The miner reported that it mined $1.605 billion worth of diamonds by December 21, ten days before the end of the year.

Alrosa set its sights high back in March 2003 when it announced it’s planning to boost production to $1.8-1.9 billion annually in the next couple of years and reach an output of $2 billion a year at a later stage.

Alrosa mined diamonds worth $1.466 billion in 2002. The company's reserves are expected to last 40-45 years.