As Russiandiamond companyAlrosa ponders which international resources to add to its vast diamond holdings on home turf, it tends to prefer African mines over others, Rough and Polished reports. The firm's top official, Alrosa president Fyodor Andreev, said that African mines are better suited to the company's existing portfolio.
In recent months, other major mining companies have sought to divest from their diamond holdings and put mines in northern Canada up for sale. However, Alrosa has come to the conclusion that these assets are too similar to their existing properties in the Yakutian Republic. Andreev said that these mines would require serious investment to tap their underground resources, and that such an expenditure isn't entirely justified, given the short life expectancy of these reserves.
Andreev noted that Alrosa recently authorized prospecting operations in Botswana and Zimbabwe, and that it owns 33% of Angola's Catoca diamond mine, according to Rough and Polished.