Alrosa to sell 49% stake in Severalmaz project

Mining company Alrosa is considering a sale deal of its 49 percent stake in its northern Severalmaz project with Rio Tinto and at a price of $400 million, reports say. Further, reports suggest that as per a memo for Alrosa's supervisory board meeting, the company intends to ‘sell Rio Tinto 50 percent minus one share of Severalmaz, for $250 million to Rio Tinto’.

The memo also informs that ‘Rio Tinto would have to invest $135 million to bring the company up to full mining capacity – 2 million carats in 2015 - at its Lomonosov diamond deposit in Russia's Arkhangelsk region’.