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Market NewsCommentSeveralmaz sales near

Severalmaz sales near

JSC Severalmaz announced yesterday it was close to finalizing the selection process of prospective buyers for its Lomonosov rough diamonds in Moscow. “Now that Severalmaz is licensed to sell diamonds abroad, the company is able to conduct sales based on the common price criterion when a company, regardless of its country of origin, is declared a winner if it offers the highest bid which is not lower than the price set by the company,” the Russian mining company, in which Alrosa has a 95.03% stake, said in a statement. Tenders will be held on a regular basis at its Moscow-based Severalmaz Selling Organization. Russian and international companies willing to participate in sales are required to complete the pre-qualification selection process on the Severalmaz site (www.severalmaz.ru). The Lomonosov deposit, located about 100 km away from Archangelsk to the north and 100 km farther south the Polar Circle, was discovered in 1980 and consists of six kimberlite pipes; Archangelskaya, Karpinsky-1, Karpinsky-2, Pionerskaya, Pomorskaya and Lomonosov, Total reserves of the Lomonosov deposit are estimated to be worth $12 billion.

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