Last year, proceeds from the sale of diamonds from the field LUKOIL im.Griba almost doubled to $ 335.8 million (20 billion rubles) before selling the oil company.
The volume of rough diamonds sales amounted to $ 184.7 million in 2015, up from $ 16.8 million in 2014.
LUKOIL, Russia's largest oil company, gets all their diamonds in the mine at the Grib Arkhangelsk region. Last year the company announced the sale of the mine Otkritie Holding Russian investment group for $ 1.45 billion. At present, this transaction is subject to approval by the government, said the oil company.
Production at the mine im.Griba was launched in September 2014. The volume of production was forecast at 4.5 million carats per year. Since the start of mining operations LUKOIL did not publish operating results field.
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Monday, June 12, 2017
anticipates that capital expenditures
Lucapa Diamond, which has recently acquired a 70 percent stake of the owner of the diamond project Motae (Mothae) in Lesotho, said it plans to resume production in the next 12 months.
The company's presentation at Euroz Institutional Conference said that the preliminary simulations showed sufficient free cash flow for the first 18 months to finance the project.
Lucapa anticipates that capital expenditures for the first phase of the project will be $ 12 million. They are required to optimize raw material dumps, X-ray diamond recovery technology and increase productivity.
Earlier this month, the Government of Lesotho has released a new 10-year license to mine for Mothae Diamonds kimberlite project Motae.
The issuance of a production license was one of the conditions for the acquisition of 70 percent stake in Lucapa Mothae Diamonds, said in a statement.
High priority kimberlite project Motae has inferred resources of 1 million carats, and occurring resources at the level of $ 1 billion.
In the Pilot production has been found that Motae contain large diamonds of type IIa, including individual stones weighing up to 254 carats, and diamonds jewelry quality, which are sold for $ 41,500 per carat.
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The company's presentation at Euroz Institutional Conference said that the preliminary simulations showed sufficient free cash flow for the first 18 months to finance the project.
Lucapa anticipates that capital expenditures for the first phase of the project will be $ 12 million. They are required to optimize raw material dumps, X-ray diamond recovery technology and increase productivity.
Earlier this month, the Government of Lesotho has released a new 10-year license to mine for Mothae Diamonds kimberlite project Motae.
The issuance of a production license was one of the conditions for the acquisition of 70 percent stake in Lucapa Mothae Diamonds, said in a statement.
High priority kimberlite project Motae has inferred resources of 1 million carats, and occurring resources at the level of $ 1 billion.
In the Pilot production has been found that Motae contain large diamonds of type IIa, including individual stones weighing up to 254 carats, and diamonds jewelry quality, which are sold for $ 41,500 per carat.
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performance of group revenues for the current and previous years
Gem Diamonds reported that its revenue fell 24% to $ 189.8 million for the year ended December 31, 2016, compared to $ 249.5 million in 2015.
Group revenue was mainly due to its two activities: the sales of raw material from the mine Letseng (Letšeng) in Lesotho and more profits from diamond manufacturing operations in Belgium.
The company managed to achieve in the Letseng average price per carat of $ 1695 after the sale of 108,945 carats, which is 26% less than in 2015, when the average price of diamonds amounted to $ 2,299 per carat.
Lower price per carat was mainly due to the fact that Letseng during the year were produced less quality diamonds weighing over 100 carats, the company said.
The sale of the project Ghaghu (Ghaghoo) did not affect the performance of group revenues for the current and previous years, but for the mine were taken into account operating costs and development costs and the carrying amount of an asset, because mine did not reach full commercial production before the end of the year.
With Ghaghu company sold 47,266 carats for the year of $ 7.2 million, reaching the price of an average of $ 152 per carat, compared with $ 162 per carat in 2015.
"This drop in prices underscored the weak state of the diamond market for this product category", - the report says Gem Diamonds.
Underlying EBITDA group fell to $ 62.8 million during the period compared to $ 103.5 million in 2015, while the profit for the year also decreased to $ 32.3 million compared with $ 67.4 million a year earlier.
Meanwhile, Letšeng in 2016, the company produced 108,206 carats compared to 108,579 carats in 2015.
"Mine Letseng has proved itself in practice and has reached all the performance indicators in the framework of targets and forecasts", - said stated CEO Klifford Elfik (Clifford Elphick).
"Demand and prices achieved for large, high quality diamonds produced at Letšeng, remained at the same level, but lower production of diamonds weighing over 100 carats in 2016 had a negative impact on earnings and cash flow," - he continues.
Earlier, Gem Diamonds reported that production at Ghaghu was dropped after the decision to reduce output due to weak market conditions, which occurred in 2015.
In total the company had processed 217,372 tonnes of ore and recovered 40,976 carats of diamonds, which yielded 18.9 carats of diamonds at an average content per cubic foot, the company said.
Ghaghu was placed on care and maintenance in February as a result of lower prices for diamonds.
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Group revenue was mainly due to its two activities: the sales of raw material from the mine Letseng (Letšeng) in Lesotho and more profits from diamond manufacturing operations in Belgium.
The company managed to achieve in the Letseng average price per carat of $ 1695 after the sale of 108,945 carats, which is 26% less than in 2015, when the average price of diamonds amounted to $ 2,299 per carat.
Lower price per carat was mainly due to the fact that Letseng during the year were produced less quality diamonds weighing over 100 carats, the company said.
The sale of the project Ghaghu (Ghaghoo) did not affect the performance of group revenues for the current and previous years, but for the mine were taken into account operating costs and development costs and the carrying amount of an asset, because mine did not reach full commercial production before the end of the year.
With Ghaghu company sold 47,266 carats for the year of $ 7.2 million, reaching the price of an average of $ 152 per carat, compared with $ 162 per carat in 2015.
"This drop in prices underscored the weak state of the diamond market for this product category", - the report says Gem Diamonds.
Underlying EBITDA group fell to $ 62.8 million during the period compared to $ 103.5 million in 2015, while the profit for the year also decreased to $ 32.3 million compared with $ 67.4 million a year earlier.
Meanwhile, Letšeng in 2016, the company produced 108,206 carats compared to 108,579 carats in 2015.
"Mine Letseng has proved itself in practice and has reached all the performance indicators in the framework of targets and forecasts", - said stated CEO Klifford Elfik (Clifford Elphick).
"Demand and prices achieved for large, high quality diamonds produced at Letšeng, remained at the same level, but lower production of diamonds weighing over 100 carats in 2016 had a negative impact on earnings and cash flow," - he continues.
Earlier, Gem Diamonds reported that production at Ghaghu was dropped after the decision to reduce output due to weak market conditions, which occurred in 2015.
In total the company had processed 217,372 tonnes of ore and recovered 40,976 carats of diamonds, which yielded 18.9 carats of diamonds at an average content per cubic foot, the company said.
Ghaghu was placed on care and maintenance in February as a result of lower prices for diamonds.
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We expect that the next step will be a merger
Indian billionaire Anil Agarwal's mining (Anil Agarwal) acquires stake in Anglo American worth 2 billion pounds, and thus become the second largest shareholder of the company, with its 13% stake. The main interest in Anglo belongs Public Investment Corp. from South Africa. This step will ensure Agarwal very strong position in Anglo at a time when the company is recovering from the crisis in the commodities market.
The transaction will be carried out through the Volcan Investments, a shareholder of the company Vedanta, but will not reach full absorption of Anglo. Last year, Anil Agarwal proposed to merge its mining business to business company Anglo, but his proposal was rejected.
"It gives it a very nice place at the table when discussing any corporate activity, - said Jeremy Retholl (Jeremy Wrathall), head of research at Investec Plc mining company, as quoted by Bloomberg.. - We expect that the next step will be a merger, and it is possible that the transaction -. It is the starting pistol shot "
The purchase will be financed through a subject to mandatory exchange of bonds issued by its holding company Volcan Investments Ltd. and prosperous Anglo's shares, said, according to the agency, the investor in a statement on Wednesday.
JPMorgan Chase & Co. It acts as the sole bookrunner and underwriter of funding as well as the coupon guarantor. Volcan plans to place bonds on April 11, or about that time, the statement said.
"This is an attractive investment for our family trust - said in a statement Agarwal, founder of Vedanta Resources Plc. - Anglo American - a great company with great assets and a strong Board of Directors and management team that implemented a focused strategy aimed at increasing value for shareholders. I am very pleased to become a shareholder Anglo American ».
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The transaction will be carried out through the Volcan Investments, a shareholder of the company Vedanta, but will not reach full absorption of Anglo. Last year, Anil Agarwal proposed to merge its mining business to business company Anglo, but his proposal was rejected.
"It gives it a very nice place at the table when discussing any corporate activity, - said Jeremy Retholl (Jeremy Wrathall), head of research at Investec Plc mining company, as quoted by Bloomberg.. - We expect that the next step will be a merger, and it is possible that the transaction -. It is the starting pistol shot "
The purchase will be financed through a subject to mandatory exchange of bonds issued by its holding company Volcan Investments Ltd. and prosperous Anglo's shares, said, according to the agency, the investor in a statement on Wednesday.
JPMorgan Chase & Co. It acts as the sole bookrunner and underwriter of funding as well as the coupon guarantor. Volcan plans to place bonds on April 11, or about that time, the statement said.
"This is an attractive investment for our family trust - said in a statement Agarwal, founder of Vedanta Resources Plc. - Anglo American - a great company with great assets and a strong Board of Directors and management team that implemented a focused strategy aimed at increasing value for shareholders. I am very pleased to become a shareholder Anglo American ».
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hope to actively promote their high-quality and fashionable products
Chow Tai Fook brand will open its first store in Japan in one of the duty free shops, managed by Laox. The new store is part of a partnership agreement signed between the two companies on March 13.
The new boutique will occupy approximately 820 square feet of indoor Laox WATCH, one of the largest specialty shops Japanese watches in Shinjuku, Tokyo. It will offer a wide range of jewelry, including jewelry with precious stones, gold and jewelry made of platinum and karat gold. The shop is located a 2-minute walk from the East Shire Shinjuku Station, in one of the busiest trading centers in Tokyo.
Managing Director of Chow Tai Fook Kent Wong (Kent Wong) said: "We are very excited to be partnering with Laox, which allows us to provide services to our customers in Japan with the opportunities that present themselves to us thanks to the Olympic Games in Tokyo in 2020, the potential for business in Japanese. the market will greatly increase. "
President and chief representative Laox Yiwen Luo (Luo Yiwen) said: "In cooperation with Chow Tai Fook we hope to actively promote their high-quality and fashionable products."
While Chow Tai Fook has more than 2,300 points of sale around the world, Laox is a famous Japanese operator of a duty free shop in Tokyo. The company has more than 80 years and operates 40 duty-free shops in Japan.
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The new boutique will occupy approximately 820 square feet of indoor Laox WATCH, one of the largest specialty shops Japanese watches in Shinjuku, Tokyo. It will offer a wide range of jewelry, including jewelry with precious stones, gold and jewelry made of platinum and karat gold. The shop is located a 2-minute walk from the East Shire Shinjuku Station, in one of the busiest trading centers in Tokyo.
Managing Director of Chow Tai Fook Kent Wong (Kent Wong) said: "We are very excited to be partnering with Laox, which allows us to provide services to our customers in Japan with the opportunities that present themselves to us thanks to the Olympic Games in Tokyo in 2020, the potential for business in Japanese. the market will greatly increase. "
President and chief representative Laox Yiwen Luo (Luo Yiwen) said: "In cooperation with Chow Tai Fook we hope to actively promote their high-quality and fashionable products."
While Chow Tai Fook has more than 2,300 points of sale around the world, Laox is a famous Japanese operator of a duty free shop in Tokyo. The company has more than 80 years and operates 40 duty-free shops in Japan.
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experienced some pressure on the tender
Petra Diamonds in their forecasts focused on the fact that diamond prices will remain unchanged in 2017 fiscal year, officials said almazdobyvayuschey company. Meanwhile, the expected improvement in the product range for the Finsch mine (Finsch), Cullinan (Cullinan) and Koffiefonteyn (Koffiefontein) in South Africa.
In his speech at the conference Bank of America Merrill Lynch Sun City representatives told Petra that the 2017 financial year, the average diamond price Finsch will be $ 100-105 per carat, at the Cullinan - $ 105-115 per carat, and Koffiefonteyn - $ 520-550 per carat .
However, this forecast were excluded stones valued at more than $ 5 million.
In the first half of the 2017 fiscal year, the average price of stones with Finsch was $ 98 per carat, and Cullinan - $ 127 per carat, while Koffiefonteyn managed to get an average price of $ 495 per carat.
"In the first half of the 2017 financial year, there were strong market conditions, the prices tend to be on a par with the levels of the first half of 2016 financial year", - said in Petra.
Finsch project has registered an average price of $ 89 per carat during the 2016 financial year, on the Cullinan was received on average $ 126 per carat, while Koffiefonteyn at an average price of $ 462 per carat.
Meanwhile, Petra noted that the signs of stabilization in the market for rough diamonds are obvious due to strong demand for most sizes, with the exception of a small category with a lower cost, which experienced some pressure on the tender in December 2016 due to the policy of the Indian government demonetization.
In the first half of 2017 fiscal year revenue of Petra Diamonds increased by 48% to $ 228.5 million compared with $ 154 million a year earlier.
Revenue growth has allowed to increase the EBITDA profit to $ 87.1 million from $ 48.5 million a year earlier.
Adjusted net profit after tax also increased by 348% to $ 28.2 million compared to $ 6.3 million for the same period last year.
During the reporting period, production Petra rose by 24% to 2.02 million carats against 1.62 million carats a year earlier.
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In his speech at the conference Bank of America Merrill Lynch Sun City representatives told Petra that the 2017 financial year, the average diamond price Finsch will be $ 100-105 per carat, at the Cullinan - $ 105-115 per carat, and Koffiefonteyn - $ 520-550 per carat .
However, this forecast were excluded stones valued at more than $ 5 million.
In the first half of the 2017 fiscal year, the average price of stones with Finsch was $ 98 per carat, and Cullinan - $ 127 per carat, while Koffiefonteyn managed to get an average price of $ 495 per carat.
"In the first half of the 2017 financial year, there were strong market conditions, the prices tend to be on a par with the levels of the first half of 2016 financial year", - said in Petra.
Finsch project has registered an average price of $ 89 per carat during the 2016 financial year, on the Cullinan was received on average $ 126 per carat, while Koffiefonteyn at an average price of $ 462 per carat.
Meanwhile, Petra noted that the signs of stabilization in the market for rough diamonds are obvious due to strong demand for most sizes, with the exception of a small category with a lower cost, which experienced some pressure on the tender in December 2016 due to the policy of the Indian government demonetization.
In the first half of 2017 fiscal year revenue of Petra Diamonds increased by 48% to $ 228.5 million compared with $ 154 million a year earlier.
Revenue growth has allowed to increase the EBITDA profit to $ 87.1 million from $ 48.5 million a year earlier.
Adjusted net profit after tax also increased by 348% to $ 28.2 million compared to $ 6.3 million for the same period last year.
During the reporting period, production Petra rose by 24% to 2.02 million carats against 1.62 million carats a year earlier.
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this is a very promising large field
Russian ALROSA since the beginning of 2017 managed to sell two batches of diamonds mined at the processing plant project Catoca (Catoca) in Angola, according to media reports.
Alrosa controls 32.8% stake in the Catoca venture, and the other is equal to the share owned by the Angolan state diamond company Endiama.
LL International Holding BV, which owns China-Sonagol, controls 18 percent stake, and Odebrecht Mining Services owns 16.4%.
"Since February 2017, our Angolan partners allowed us to participate in the sale, we have already sold two experimental batches of diamonds from the Catoca mine." - quoted by the Russian news agency Tass Vice-President of ALROSA Rinat Gizatulina. He added that the value of the transaction amounted to $ 10 - $ 15 million.
Catoca carries out operations for extraction of diamonds in the Angolan province of Lunda Sul.
It produces and sells about 6.8 million carats a year.
Meanwhile, Gizatulin said that ALROSA also plans to sell 35% of diamonds from the Catoca and about 50% of the stones from the field Luashe (Luaxe), also present in Angola.
Luashe is still in the development stage, production should start early next year, and the company production capacity of about 10 million carats per year.
"According to our geologists, this is a very promising large field, with reserves of not less than 400 million carats of diamonds" - Gizatulin said.
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Alrosa controls 32.8% stake in the Catoca venture, and the other is equal to the share owned by the Angolan state diamond company Endiama.
LL International Holding BV, which owns China-Sonagol, controls 18 percent stake, and Odebrecht Mining Services owns 16.4%.
"Since February 2017, our Angolan partners allowed us to participate in the sale, we have already sold two experimental batches of diamonds from the Catoca mine." - quoted by the Russian news agency Tass Vice-President of ALROSA Rinat Gizatulina. He added that the value of the transaction amounted to $ 10 - $ 15 million.
Catoca carries out operations for extraction of diamonds in the Angolan province of Lunda Sul.
It produces and sells about 6.8 million carats a year.
Meanwhile, Gizatulin said that ALROSA also plans to sell 35% of diamonds from the Catoca and about 50% of the stones from the field Luashe (Luaxe), also present in Angola.
Luashe is still in the development stage, production should start early next year, and the company production capacity of about 10 million carats per year.
"According to our geologists, this is a very promising large field, with reserves of not less than 400 million carats of diamonds" - Gizatulin said.
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which the diamonds mined in Russia
A high-level Russian delegation headed by Deputy Prime Minister of Russia and the Envoy of the President of the Russian Federation in the Far East, Yuriem Trutnevym discussed closer cooperation between the diamond and jewelery industry in Russia and India, with the representatives of Export Promotion of gems and jewelry Council (Gem & Jewellery Export Promotion Council , GJEPC) and the Indian diamond Exchange (Bharat diamond Bourse, BDB).
The delegation, which visited the BDB in Mumbai, included a number of senior officials, including governors and ministers from different parts of the Far East region of Russia.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) and BDB President Anoop Mehta (Anoop Mehta) put forward concrete proposals to the Deputy Prime Minister and other representatives of the Russian side about the possible areas of cooperation. They suggested that the elimination of the high import duty on polished diamonds coming into Russia, will contribute to the growth of export production there jewelry.
Pandya said that the Russian jewelry have superior finish compared to many other European countries, but lags behind others because of the cost factor and because of import duties on diamonds, which are the key raw material. He also suggested that the two countries could reach an agreement, according to which the diamonds mined in Russia, and then polished in India, can then be re-exported to Russia, to provide raw materials for the jewelry industry.
The second proposal was related to the creation of the joint venture in equal shares between the Russian mining company Alrosa and the Indian industry for the exploration and production of diamonds in India, given the Russian experience in the field of diamond production. Mehta said that the joint venture can immediately consider the resumption of the project Bander (Bunder), which, as we know, has proven reserves of diamonds over 30 million carats.
For his part, Yuri Trutnev suggested that the Indian industry to look at the creation of the Far East and the lapidary enterprises to train Russian workers cut art. The delegation responded positively to the proposal and invited Trutnev Indian delegation to visit Russia next month for further talks.
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The delegation, which visited the BDB in Mumbai, included a number of senior officials, including governors and ministers from different parts of the Far East region of Russia.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) and BDB President Anoop Mehta (Anoop Mehta) put forward concrete proposals to the Deputy Prime Minister and other representatives of the Russian side about the possible areas of cooperation. They suggested that the elimination of the high import duty on polished diamonds coming into Russia, will contribute to the growth of export production there jewelry.
Pandya said that the Russian jewelry have superior finish compared to many other European countries, but lags behind others because of the cost factor and because of import duties on diamonds, which are the key raw material. He also suggested that the two countries could reach an agreement, according to which the diamonds mined in Russia, and then polished in India, can then be re-exported to Russia, to provide raw materials for the jewelry industry.
The second proposal was related to the creation of the joint venture in equal shares between the Russian mining company Alrosa and the Indian industry for the exploration and production of diamonds in India, given the Russian experience in the field of diamond production. Mehta said that the joint venture can immediately consider the resumption of the project Bander (Bunder), which, as we know, has proven reserves of diamonds over 30 million carats.
For his part, Yuri Trutnev suggested that the Indian industry to look at the creation of the Far East and the lapidary enterprises to train Russian workers cut art. The delegation responded positively to the proposal and invited Trutnev Indian delegation to visit Russia next month for further talks.
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Net profit showed a fourfold increase over the same period last year
Joint-stock company ALROSA (PJSC), the world leader in diamond production, announces the publication of financial results for 2016 with IFRS.
Revenues for 2016 increased by 41% compared to the same period in 2015 and amounted to 317.1 billion rubles. EBITDA increased by 49% compared to the same period in 2015 to 176.4 billion rubles, EBITDA margin was 56%.
Net profit showed a fourfold increase over the same period last year and amounted to 133.5 billion rubles. Net cash flow increased 3-fold to 111.4 billion rubles.
"2016 was a year of active recovery in the diamond market after the recession in 2015. Companies failed to demonstrate a record financial performance and to accumulate the amount of net cash flow sufficient to cover short-term and medium-term obligations and payment of dividends to shareholders ", - said Vice President - Chief Financial Officer Igor Kulichik ALROSA.
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Revenues for 2016 increased by 41% compared to the same period in 2015 and amounted to 317.1 billion rubles. EBITDA increased by 49% compared to the same period in 2015 to 176.4 billion rubles, EBITDA margin was 56%.
Net profit showed a fourfold increase over the same period last year and amounted to 133.5 billion rubles. Net cash flow increased 3-fold to 111.4 billion rubles.
"2016 was a year of active recovery in the diamond market after the recession in 2015. Companies failed to demonstrate a record financial performance and to accumulate the amount of net cash flow sufficient to cover short-term and medium-term obligations and payment of dividends to shareholders ", - said Vice President - Chief Financial Officer Igor Kulichik ALROSA.
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This fact has led some analysts to wonder about the possible changes
The new president of Alrosa, Sergei Ivanov, said that he would be committed to the company's development strategy, which is focused on the mining, sale of non-core assets and increase production.
"I would like to assure you that is committed to this strategy and would like to bring it to the end", - Ivanov said during a conference call with analysts, organized to discuss the annual results of the company. His words transmits news agency Reuters.
Sergei Ivanov was elected president of Alrosa, the world's largest producer of rough diamonds, 13 March. This fact has led some analysts to wonder about the possible changes in the company's strategy: for example, diamond-cutting or production of other raw materials, the agency points out.
Sergei Ivanov had previously worked as senior vice president of the Savings Bank and headed the Board of Directors of the insurance company "SOGAZ".
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"I would like to assure you that is committed to this strategy and would like to bring it to the end", - Ivanov said during a conference call with analysts, organized to discuss the annual results of the company. His words transmits news agency Reuters.
Sergei Ivanov was elected president of Alrosa, the world's largest producer of rough diamonds, 13 March. This fact has led some analysts to wonder about the possible changes in the company's strategy: for example, diamond-cutting or production of other raw materials, the agency points out.
Sergei Ivanov had previously worked as senior vice president of the Savings Bank and headed the Board of Directors of the insurance company "SOGAZ".
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