Russian Miner Seeks Investors for Arctic Exploration
February 15, 22(IDEX Online) - Russian diamond miner Almar aims to raise $10m in an IPO next month to fund its exploration in Arctic regions of the Republic of Sakha (Yakutia).
It plans to sell 15 per cent of its shares and list on Russia's SPB Exchange, according to a Bloomberg News report.
Almar Arctic Diamonds has been developing diamond deposits in Beenchimee and Khatystakh since 2016 and expects to start mining in the second quarter of 2024. Rough sales should start during the following quarter.
The company website forecasts 1.7m carats from open pit mining at Beenchimee and 30m from underground mining.
Khatystakh, on the left bank of the Lena river, has diamond-bearing sands that could yield more than 7.5m carats. Resources of the indigenous deposit are estimated at 30m carats.
Almar may seek an additional $30m at a later stage to fund production.
Pic courtesy Almar Arctic Diamonds