Alrosa to Bid for Nizhne-Lenskoye to Gain Alluvial Diamond Sites

OAO Alrosa, Russia’s largest diamond miner, plans to bid for OAO Nizhne-Lenskoye, a competitor in Yakutia region that mines alluvial gems.

Alrosa applied to the antitrust regulator for permission to acquire Nizhne-Lenskoye from the regional government, the watchdog said today on its website. Andrey Polyakov, a spokesman for Mirny, Siberia-based Alrosa, confirmed the application.

Alluvial diamonds are gems that are unearthed by natural erosion and deposited in river or sea beds. Nizhne-Lenskoye, which has operations near one of Alrosa’s production sites, sold 4 billion rubles ($126 million) of rough diamonds last year, according to its website.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.