After selling a 10.9% stake in the company last year, Russian giant diamond mining Alrosa does not intend to continue with the privatisation process in 2017. According to a report in Gem Konnect, Alrosa CEO Andrey Zharkov told RIA news agency that “it was not expedient to sell another 10% stake in the company” this year.
Last March, Russian Deputy Minister of Economic Development Nikolay Podguzov said that “further privatisation of the diamond miner was under discussion”, but Zharkov’s statement signals a delay in the process, at the very least.
However, the Russian government still intends to cut its holding in Alrosa to 25% by 2019, according to the report. It currently holds “slightly over 33%” of the company. The Republic of Sakha (Yakutia) holds 25%, the administrations of eight municipal districts in Yakutia hold 8% and other legal entities and individuals own nearly 34%.
