Alrosa to Offload Non-Core Assets

RAPAPORT… Alrosa will sell about $88 million worth of non-core
operations during 2019 so it can focus on its diamond business.



The miner will auction off more than 80 assets, including
land, construction sites, heating and electricity services, vacation resorts, and
housing projects, the company said Thursday. Alrosa’s supervisory board
approved the plan at a meeting on December 14. It will hold the first public
auction in the first quarter, with a second sale taking place in the fourth
quarter.


“The sale of non-core assets is one of the priorities set by
the shareholders to the management of Alrosa,” a company spokesperson told Rapaport
News. “This is expected to have a positive effect on the economic
performance of the Alrosa group, and the quality of management, allowing
Alrosa’s management to focus on developing the core business for the company.”


This year, the miner sold off gas assets, property and land for
approximately RUB 31 billion ($447 million).


Image: Flags outside an Alrosa facility. (Alrosa)