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ALROSA

March 13, 2003

Annual M?eting of ALROSA executives and employee activists to be held 22nd March, 2003

At their regular meeting 22nd March, 2003, representatives of some 500 ALROSA structural divisions and branches, including executives, trade union and other employee activists, will discuss the company’s economic performance in 2002 and endorse plans for the current year.

Vladimir T. Kalitin, President of ALROSA, is expected to address the meeting.

The main targets for 2002 were to boost efficiency of the company’s mine transport facilities, step up geological exploration efforts in Sakha (Yakutia) and other diamond-bearing areas throughout Russia, accelerate the construction of major mining and processing facilities – the Mir underground mine and an integrated mining and processing plant in the Nakynskoye field (Nurba, Yakutia) - and begin production at design capacity at the Internatsionalny underground mine.

ALROSA miners are proud to have met all the targets set for last year by the company’s Supervisory Council. Now production at the Internatsionalny Mine is 500 thousand tons of ore per year. The 2002 program of construction for the Mir Mine was successfully implemented as sinking of two vertical shafts began. The Nyurba Plant was put into operation. The building of a new processing facility (No.16 Ore Treatment Plant) for the Nyurba Plant is under way and going ahead of schedule. Large-scale preparations were completed at Severalmaz JV to begin commercial mining at a diamond deposit in Arkhangelsk.

The company has embarked onto a new stage of its activities in Angola. Preparations are under way to commence the construction of mining and processing facilities at the Camatchia and Camagico pipes and a hydroelectric power station on the Chicapa River.

According to preliminary estimates in 2002 the company’s rough diamond output by value was U.S. 1 383.7 million, capital expenditure amounted to 16 billion rubles, and geological exploration budget totalled 1. 118 billion rubles.*)

The 2003 ALROSA production plan provides for the rough diamond output of US $1 410 million dollars (by value) and operating profit of 20 billion rubles. Net profit is estimated at 5.9 billion rubles. Growth in mining production is expected at the Nyurba and Mirny Integrated Mining and Processing Plants. The plan also envisages an increase in the volume of ore processed at the Aikhal Plant. Due to the development of new alluvial deposits and up-to-date mobile processing technologies the Anabar Plant is to increase its diamond production twofold, to US $40-50 million by value.

In 2003 allocations for geological exploration and research and development will be 1 257 million rubles and 277 million rubles respectively.

An important event for ALROSA is scheduled to take place in the summer of 2003 – No. 16 Ore Treatment Plant, a new processing facility for the Nyurba Plant, will be commissioned. Today construction work is well under way there, with installation of up-to-date equipment to follow soon. Meanwhile the Nyurba season mining facility has surpassed the plan target producing rough diamonds to the value of US $90 million. The commissioning of the main processing facility will signal that the Nyurba Plant operating at the Nyurba and Botuobinskaya pipes has reached its full design capacity. The Plant will be ALROSA’s fifth major diamond mining and processing division.


*) Main 2002 economic performance indicators do not include production at ALROSA-Nyurba. The 2002 total rough diamond output including diamonds produced by ALROSA-Nyurba amounted to US $1 466, 2 million by value. In 2003 ALROSA plans to produce rough diamonds to the value of US $1 560 million.

 

 

 

 

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