The shareholders of Russian diamond miner Severalmaz have decided to reinvest its $1.68 million (RUR42.773 million) net profit of 2006, into exploration of the Lomonosov mines. The mines are known to have a diamond deposit worth $12 billion and an estimated capacity of 5.6 million tonne of ore per year.

Waiving off their dividends, the shareholders have decided to support the company�s second phase of construction at the mine and elected a five-member supervisory board at the annual general meeting held in end-June.

Severalmaz, is a subsidiary of the Russian state-run diamond producer Alrosa holding a stake of 92.3%, while its stakeholders include the Arkhangelsk property department holds 5.1% and shareholders and employees hold 2.6%. The company had earlier recorded a loss of a net loss of $5.84 million (RUR148.377 million) in 2005.