Alrosa Could Diversify Beyond Diamonds
June 19, 23
(IDEX Online) - Alrosa says it may diversify into mineral resources beyond diamonds in response to "the new geopolitical environment".
Pavel Marinychev, new CEO of Russia's state-controlled miner told the Interfax news agency that rough diamond sales were under pressure.
So while the company was working to preserve current channels, it was also seeking to establish new ones to secure its long-term growth.
"There are promising sectors in which the company is already engages. For example, the energy component of our company is developing fairly actively and dynamically," he said.
Alrosa, the world's largest diamond producer by volume, was currently in negative net debt, he said.
But it needed to plan for a future without the western mining machinery that it can no longer import because of sanctions.
The company has previously diversified, into gas and iron ore, but sold its gas assets and is seeking a buyer for its iron assets, according to Interfax.
Pic courtesy Alrosa shows Pavel Marinychev