24 May 2004 07:43
ALROSA MAY PAY 6,000 RUBLES A SHARE FOR 2003
Alrosa paid 700 million rubles for 2002.
This year's AGM takes place on June 19.
The board also recommended that 4.62 billion rubles of last year's
MOSCOW. May 21 (Interfax) - Alrosa's supervisory board recommended dividends of 6,000 rubles a share or a total
of 1.2 billion rubles for 2003 instead of the 4,000 rubles a share or 800 million rubles originally planned,
Russia's diamond monopoly said in a news release.
net profits be set aside for capital construction, 882.2 million rubles for geological exploration and 2.96 billion
rubles for long-term financial investments.
In 2003, it posted net profits of 9.7 billion rubles. Its key
shareholders are the former Russian Property Ministry (37%), the
The board also approved the 2003 annual report and discussed a feasibility study for the construction of a deep mine
at the Udachnaya diamond pipe. The open pit at the pipe will be depleted by 2010. Unless a deep mine is built, the
diamonds that lie deeper down will not be mineable, Alrosa will not achieve its long-term production targets and the
company will have to relocate some 20,000 residents from Yakutia to central Russia at its own cost.
In view of the deep mine's strategic importance, the supervisory board gave representatives of the federal
government and of Yakutia's government and Alrosa executives three weeks to draft proposals on financing, ways to
reduce the tax burden and increase the project's profitability without delaying the start of construction.
Alrosa mines about a quarter of the world's diamonds. In 2004, the company intends to mine almost $1.86 billion
worth of diamonds and sell $2.05 billion. It plans to sell $137.1 million worth of cut diamonds in 2004.
Property Ministry of Yakutia (32%), and employees staff (23%). Eight districts of Yakutia jointly own 8%.
[Interfax] |
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