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Alrosa unveils reserves estimate, no IPO

Alrosa chief executive Sergei Vybornov has announced a rough diamond reserve figure of $109.3 billion for Alrosa, during a rough diamond conference in Israel this week. No carat data or a figure for the average value per carat were provided. Since it is the first time that the company has disclosed a diamond reserve figure, no indication is available of depletion or increase of the company's reserves. Alrosa's supervisory board has approved release of financial estimates of production and sales for the year just ended. Carat data have not been released. Value of mine output was given as $2.3 billion, including $558 million in output from the Nyurba mine affiliated company for 2007. Total revenues from diamond sales for the year came to $2.9 billion, without counting Alrosa's share in the Angolan production at Catoca. Alrosa's polished sales for last year amounted to $159.7 million. The company has issued a net profit figure for 2007 of Rb13.9 billion ($557 million). Separately, Board chairman Alexei Kudrin's, Russia's finance minister, has said there will be no initial placement offering (IPO) of Alrosa shares this year.

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