Diamond mining company ALROSA and Indian KGK Diamonds Private Limited signed the agreement on creation of cutting and polishing companies in the "Diamond Center" in the Far East. The document was signed within the framework of the WEF 2016 in Vladivostok. It is reported by the correspondent of "Lenta.ru".
It is planned that the company will begin work in Vladivostok in July 2017. In this case, at full capacity, which implies faceting at least 15,000 carats of natural diamonds per year, the company will be released within four years of starting work.
ALROSA would supply rough diamonds KGK. In turn, KGK will have to organize and develop the production process.
In July, the Russian private equity fund and its co-investors, including sovereign wealth funds in the Middle East and Asia, bought about 50 per cent of the share placement miner Alrosa.
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Firestone Diamonds reported that diamond mining is going to start on the project Likhobong (Liqhobong) in Lesotho in the fourth quarter of 2016.
By late March, the readiness of construction work accounted for 72%.
As noted in the company, the revised capital cost of the project amounting to $ 144 million remain within the project budget of $ 185.4 million.
In the Firestone added that by the end of March 2016 the cash position of the company was $ 14.8 million and $ 47 million available in Under the loan agreement with ABSA. Available funds of the company at the end of December 2016 is likely to amount to $ 9 million, not including the $ 15 million capital reserve.
"Funding for Firestone remains sufficient for the completion of the project to increase production and sales of the first diamonds Likhobong", - says CEO Stuart Brown (Stuart Brown) in a communication to Rough & Polished.
The company said it still continues to develop water supply diamond project, and now has more than 500 000 cubic meters of water available in the area, which will be sufficient for the annual diamond production.
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