Evraz will pay the 2.97 billion roubles within three years in three equal tranches, the source said.
In April, Evraz purchased 51% in the Timir project for 4.95 billion roubles. Later the company asked to postpone the first 1.5 billion rouble payment for six months and the remaining 3 billion rouble payment for three years. The proposal was rejected at first, but later approved after consideration by Deputy Prime Minister Igor Shuvalov.
As a result of the deal, ALROSA will keep a 49% minus one share stake, while state-owned Vnesheconombank (VEB) will own 1 share.
Timir holds licenses to develop the Tayozhnoye, Desovskoye, Tarynnakhskoye, and Gorkitskoye deposits in Yakutia with a total balance of reserves at 4.8 billion tonnes of iron ore.