Russia Nearing Goal of Over 50% Share of Alrosa

Russia is planning to take control in the near future of an additional stake in diamond mining company Alrosa, bringing it closer to its declared 50 percent plus one share goal.

According to Russia’s Finance Minister and Alrosa board chairman Alexei Kudrin, quoted in Mining Journal Online, the state will take control of a 10.5 percent stake in the mining company from VTB Group, Russia’s second-largest bank.

This will bring Russia’s holding in Alrosa to 47.5 percent.

The move will take place within the “coming weeks,” according to Kudrin.

Alrosa mines a quarter of the world’s diamonds and accounts for 97 percent of all Russia’s diamond production.