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NK Lukoil OAO launches Grib diamond mine-Interfax


Monday, 9 Jun 2014 09:39am EDT 

NK Lukoil OAO:Lukoil has launched a mining and recovery plant, capacity 4.5 million tonnes of ore per year, at the Grib diamond pipe in the Arkhangelsk region, an Interfax correspondent reports from the launch ceremony-Interfax.Lukoil has invested just over $1 billion in the project.The Grib pipe is 130 kilometers northeast of the city of Arkhangelsk.Diamonds are currently being mined by the open-cast method.Production will peak at 4.5 million carats per year.Lukoil subsidiary Arkhangelskgeoldobycha (AGD) holds the license to the Verkhotina property, where the Grib pipe was discovered in 1996.The deposit was originally thought to contain $6.5 billion worth of recoverable diamonds, but this was later adjusted to $11 billion.The pipe's overall reserves are an estimated 98.5 million carats.The project's rate of return is 16 percent and it should start to pay for itself in seven to eight years. 

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