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Lukoil Diamond Revenue Down After Mine Sale
Aug 30, 2017 5:09 AM
By Rapaport News
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RAPAPORT...
Lukoil’s diamond sales dropped in both the
second quarter and first half due to the sale of its sole diamond-producing
asset in May, the oil producer reported Tuesday.
The company’s diamond revenue came to $17 million
(RUB 1 billion) for the quarter and $102.2 million (RUB 6 billion) for the six
months that ended June 30 — down from $51.1 million (RUB 3 billion) and $187.4
million (RUB 11 billion) respectively in the same periods last year.
Lukoil, Russia’s largest oil miner, sold
its Grib diamond project in the country’s Arkhangelsk region to Russian
investment group Otkritie Holding in a $1.45 billion cash deal that concluded during the quarter. Lukoil had sourced all its diamonds from the Grib asset.
Proceeds from the sale added $647.4 million
(RUB 38 billion) to the company’s profit after taxes, it said.
Production at Grib commenced in September
2014, making it the country’s largest diamond mining operation outside of
Alrosa’s portfolio. Initial estimates put full annual production at 4.5 million
carats.
Image: M DOGAN/Shutterstock
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Tags:
grib, Grib Diamond Mine, lukoil, mining, oil, Otkritie Holding, Rapaport News, Rough Diamonds
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