Vybornov: Alrosa's Development Best Served in Africa

Alrosa President Sergey Vybornov on Monday revealed plans to spend a total of R2.9 billion ($122.6 million) on geological prospecting for diamonds in the coming year. He added that projects in Africa were some of the most promising areas for the company’s development “amid the global diamond production slump,” according to RIA Novosti.

"We must use any chance to increase our resource base in Africa. Control over resources means control over the market," Vybornov said.

He said the company's projects were enjoying support in Africa, and that in order to strengthen them, the company was ready to develop associated areas, in particular electric power generation, oil and gas prospecting and production, and construction.

Vybornov said that in 2007 the company increased spending on geological prospecting by 16.3 percent over the previous year, to 3.44 billion rubles ($144 million), and that 85 percent of the prospecting in 2008 would be focused on western Yakutia in East Siberia.