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ALROSA

April 18, 2003

Meeting of ALROSA Board of Directors

The ALROSA Board of Directors held its regular meeting in Mirny on 17th April, 2003 to consider and approve the company’s 2002 economic performance indicators.

In 2002 the rough diamond output was 103.2 % as compared with the approved plan, and, together with the output by ALROSA-Nyurba, amounted to US $1 466 million by value. A reduction against the 2001 figure is accounted for by the closure of the Mir and the Sytykan open pit mines. The sales totalled US $1 451 million. The structure of rough diamond sales was modified, with growing demand in the market for small and large stones.

The mining assignment was exceeded, the volume of the material stripped is estimated at 26. 4 million m3. Capex amounted to 14 777 million roubles, which also exceeded the target figure. 8 897 million rubles were allocated for the construction of resource facilities. Capex channelled into the development of the Nakyn ore field increased 4-fold as compared with the 2001 level.

New fixed assets worth 8 840 million rubles were commissioned. Total worth of supplies delivered to the company operations was 13 256 million rubles.

In 2002 the company reduced its personnel by 749 people as compared with the previous year.

The net profit last year was 6 474 million rubles. The earnings were allocated for capital construction, long-term financing and geological exploration.

The Board also scrutinized the organizational structure of the Capital Construction Department, preliminary measures to minimize the damage from annual spring flooding in Lensk and preparations for the 2003 navigation on the Lena River.

The Board also considered the economic performance of Irelyach and Mirny retail trade divisions of the company.

Note:

ALROSA is one of the world’s major diamond mining companies accounting for 25% of the world rough diamond output. In 2002 the company produced rough diamonds to the value of US $ 1 466 million. The rough and polished diamond sales amounted to US $ 1 557 million, with polished diamond sales accounting for US $ 106 million. The planned rough diamond output in 2003 is estimated at US $ 1 560 million. The company’s major shareholders are the Ministry of State Property of the Russian Federation (37%) and Ministry for Management of State Property of Sakha (Yakutia) (32%).

 

 

 

 

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