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Yakutia Ready to Open ALROSA

Speaker of the State Assembly of Yakutia, Niyurgun Timofeev made a stunning statement yesterday, October 18, 2005. Timofeev said ALROSA should become “an open company.” So far, all top-ranked officials of Yakutia had opposed reorganization of the diamond monopolist of Russia.

Timofeev made it clear Tuesday ALROSA remains “a close joint stock company’ only due to the agreement of two principal holders – the governments of Russia and Yakutia.” “It is impossible that this should continue any longer.” “Today’s ALROSA is one of the largest companies in the world and it is to exist in the form demanded by the market,” Timoveev pointed out.

ALROSA currently accounts for around 23 percent of the world diamond production; the annual turnover exceeds $2 billion. Russia’s government has 37 percent, Yakutia – 32 percent, ALROSA’s employees – 23 percent, eight uluses (regions) of Yakutia - 8 percent.

by www.kommersant.com

All the Article in Russian as of Oct. 19, 2005

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