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LUKOIL SELLS GRIB MINE TO RUSSIAN INVESTMENT GROUP FOR $1.45 BILLION

A major diamond mining deal is in the works: according to Russian media reports quoted by IDEX Online, Russian oil company Lukoil is selling its Grib diamond mine to the Russian investment group Otkritie Holding for $1.45 billion in cash. The deal is due to close in the first quarter of next year, subject to approval by several government authorities.

 

Production of rough goods at Grib began in 2014. The goods are mostly marketed in Antwerp. Sales amounted to $162 million in 2015, its first full year of operations.

 

According to Rough & Polished, Lukoil’s diamond revenue from the Grib mine rose 33% to $61.9 million in the third quarter. Diamond sales more than doubled to $232.3 million (from $108.4 million in the first nine months of the year.

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