Alrosa signs agreement to sell 51% stake in its iron-ore project

Alrosa has sold 51 percent of its stake in the iron-ore project OJSC Timir to EVRAZ, reports say. The deal leaves Alrosa with 49 percent stake in the project, EVRAZ will hold 51 percent and one share will be with Vnesheconombank, reports add. The agreement is said to be worth $160 million (RUB 4.95 billion).

According to reports, Alrosa will continue to participate and finance development of the deposits in accordance with its share in the project.