ALROSA said that the results of geological prospecting in 2017 revealed that its rough diamond reserves as of today stand at nearly 1.2 billion carats — and increase of 57.8 million over its previous estimate.
The miner said it spent $17.6 million (RUB1 billion) in prospecting last year. It also launched a reform of its prospecting division to increase efficiency. Prospecting was carried out in the Republic of Sakha (Yakutia), The Arkhangelsk region and in Angola at its Cuango concession.
As part of its exploration reform, ALROSA said it formed three specialised competence centres for exploration, drilling & mining and scientific and analytical processes. The reforms eliminate duplication in administrative and management functions and strengthen the role of the Chief Geologist Service in the company.
There was also an audit of exploration projects and initiatives in low potential territories have been stopped while those in promising areas have been intensified.
According to ALROSA Chief Geologist Konstantin Garanin, the reforms will not only streamline operations but also save the miner $5.3 million (RUB300 million) annually.