Alrosa Sets Exploration and Sales Targets for 2005

Alrosa's Executive Board aimed high at its meeting yesterday (Tuesday). The Russian miner decided to increase mining efforts next year and raise production to $2.185 billion, while trying to cut costs.

Production targets and financial goals were the main issues on the agenda yesterday, led by newly elected president Nichiporuk. The company plans to increase diamond sales to $2.79 billion in the coming year.

If these goals are met, net profit is expected to reach $468.76 million.

The Board decided to continue its efforts at cost reduction, increased production efficiency and continue reforms in exploration and construction divisions. Alrosa's exploration budget for next year is $58.53 million.