Friday, April 7, 2017

Diamond giant Alrosa offices raided

Alrosa's Jubilee pipe in northeast Russia
Reuters reports Russia's Federal Security Service or FSB raided the Moscow offices of Alrosa in relation to Alrosa's divestment of a number of assets including a 51% stake in Timir iron ore project to Evraz and the ultimately unsuccessful negotiations with Russian oil giant Rosneft to offload the diamond miner's gas fields.

Alrosa, worth $12 billion on the Moscow Stock Exchange, posted a fourfold increase in total profit to $2.31 billion (133.5 billion roubles) for 2016. Moscow sold a 10.9% stake in the company last year raising $813 million for state coffers.
The world's largest diamond miner, which is planning to increase production by 6% to 39.2 million carats this year, appointed Sergei Ivanov, the son of a close advisor to Russian president Vladimir Putin, as its new president last week.