ALROSA has received a RUB 1.028 bn instalment from EVRAZ plc for a 51% stake in Timir iron ore project, including RUB 990 m to repay the principal plus the interest on the outstanding balance.

In April 2013, the companies signed an agreement to sell ALROSA’s 51% stake in Timir iron ore project to EVRAZ for RUB 4.95 bn. As part of the deal, EVRAZ made a payment of RUB 495 m in April 2013 and RUB 1.485 bn in September 2013.

On 31 July 2014, EVRAZ transferred RUB 1.028 bn to ALROSA, including RUB 990 m to repay the principal plus the interest on the outstanding balance. The remaining RUB 1.98 bn is expected to be paid in two equal RUB 990 m instalments in 2015—2016.