NK Lukoil OAO to Start Extracting Rough Diamonds-Interfax
Interfax reported that NK Lukoil OAO (Lukoil) plans to see its first output from the Grib diamond mine at the end of November, Lukoil President Mr. Vagit Alekperov told the press. This is a non-core business for Lukoil, albeit a high-yield one, and the Company may consider its sale, he said. Lukoil has all the necessary licenses to work in this area. 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. Investment in the project tops $850 million. The yield norm for the project is 16% and it should start to pay for itself in seven to eight years.
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