Alrosa Group wins Molodo river placer diamond deposit auction

OJSC Nizhne-Lenskoye (part of ALROSA Group) has won the auction for the right to carry out exploration and mining at the Molodo river placer diamond deposit located on the territory of the Republic of Sakha (Yakutia). The development took place on December 26.

For the right to use subsurface mineral resources of the deposit Alrosa offered RUB 51.776 million at the opening bid of RUB 43.147 million. In accordance with the bidding rules the auction results are subject to approval by the Government of the Russian Federation.

The Molodo river deposit is located near the operating capacities of OJSC Nizhne-Lenskoye. Obtaining the right to develop this deposit is in line with the ALROSA’s development strategy and will allow the Group to expand its resource base in the Republic of Sakha (Yakutia).

The commercial reserves of the Molodo riverbed deposit (С1+С2 categories) amount to 905.3 thousand carats of rough diamonds, with the non-commercial reserves of the same categories amounting to 188.8 thousand carats. The accounted forecast rough diamond resources (Р1 category) on the site amount to 712.6 thousand carats.