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Russia’s LUKOIL to start $1 billion diamond deposit development

June 06, 2014, 15:14 UTC+3 ARKHANGELSK

The company will sell diamonds domestically and export them independently

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© ITAR-TASS/Vladimir Smirnov

ARKHANGELSK, June 06./ITAR-TASS/. Russia’s oil company LUKOIL will start industrial development of diamonds at deposit in the Arkhangelsk Region Vladimir Grib, a representative of affiliate Arkhangelskgeoldobycha told ITAR-TASS Friday. The company may invest $1 billion in the deposit,

LUKOIL CEO Vagit Alekperov said earlier that the company will sell diamonds domestically and export them independently.

Under preliminary estimates, the reserves of the deposit stand at 100 million carats. The company hopes to get 58.4 carats through open pit mining in 16 years, Alekperov said.

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