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Russia strengthens its position in the world diamond market with a huge mine
The Russian government has launched a new diamond mine in the north-eastern Yakutia, a move that will boost the leading position of Russian diamond giant Elrosa in world markets.
The inauguration took place on Wednesday via a television bridge between Moscow and the diamond mine in Yakutia, where President Putin authorized the start of the extraction work.
"Russia is a country rich in natural resources, diamonds in Yakutia are a national treasure, and the new mine is another step towards improving the lives of the people in the far north and strengthening Elrosa's leadership in the global diamond market," the Russian president said at the ceremony.
He pointed out that the company owns about 27% of the production of global diamonds, adding that the new project will create new jobs, and will contribute to the Russian budget to provide new revenue.
President Putin also pointed out that special attention should be paid during production processes to the environmental and occupational safety standards of the new mine called Verkne-Monskoy.
On the economic feasibility of the new mine, Russian Finance Minister Anton Silwanov predicted that the project would boost the Russian budget by about 180 billion rubles (about 2.73 billion dollars) annually, compared to 5 billion rubles allocated by the Russian government for the project from the country's budget.
The minister, who participated in the inauguration ceremony, said the mine would provide about 800 new jobs.
"The event is a pioneer for our company and our industrial cities in the north, and the new field will compensate for lower production elsewhere, especially the Mir field," said Sergei Ivanov, chief executive of Elrosa.
The new diamond mine is the largest investment project for Elrosa. By 2042, the Russian company will invest about 60 billion rubles (about $ 1 billion). The new field is expected to produce about 1.8 million carats of diamonds a year, Extraction for more than 20 years.
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