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ALROSA

August 21, 2003

ALROSA Board of Directors meets in Mirny

ALROSA Board of Directors held its regular meeting in Mirny on 21 August, 2003.

The issues on the agenda included cargo deliveries during the 2003 navigation season, logistical financing, H1 performance of the Aikhal GOK (Mining and Processing Plant).

The 2003 navigation began on 14th May. In spite of its very dramatic first phase, as of 20th August, 2003 about 83% of all cargo, or 430 thousand of the planned 516 thousand tons of all supplies have been shipped to ALROSA Yakutian operations.

5 thousand tons of dry cargo and 3.4 thousand tons of oil products have been delivered to the Nakyn site. 19 thousand tons of fuel has been accumulated at the Nyurba petroleum storage depot.

It was stressed that shipments to Ust-Kut and Lensk by all suppliers of the rest of the cargo to be delivered during the navigation season should be completed as planned before October 1. Oil products should be stored in planned amounts at oil storage depots in Lensk, Mirny, Udachny and Aikhal. Ample supplies of diesel fuel are to be delivered from Lensk to Yuryung-Haya, Anabar, Zhigansk and Prilensk.

On the performance of the Aikhal Mining and Processing Plant in the first six months of 2003 it was reported that total diamond production by the Aikhal division was 102.7% of the projected output. The output by value in U.S. dollars is 102%. The stripping volume is 105.7% of the plan.

Diamond sales by the division amounted to 3. 159 billion rubles, or 102% of the projection. Other performance figures are also positive. Supplies of ore from all the open pits of the Aikhal GOK are within normal limits.

A few other issues were also considered.

 

 

 

 

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