By John Helmer in Moscow The Russian government agency responsible for negotiating the terms of DeBeers’s new Grib diamond mine project in the Arkhangelsk region of northwestern Russia has agreed to extend a deal deadline, which fell on November 15. At that point, and in the week that followed, De Beers and its affiliate Archangel […]

by John Helmer - Thursday, November 20th, 2008
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By John Helmer in Moscow Market reports that Smolensk Kristall refused last month to buy rough from Alrosa have been denied by Alrosa. According to sources in Alrosa, the Russian state diamond company, Kristall proposed a 20% discount on purchases of Alrosa’s current rough price. Alrosa refused to supply, claiming that its pricing is in […]

by John Helmer - Friday, November 14th, 2008
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By John Helmer in Moscow De Beers has a hundred-million dollar hook in its mouth, and it isn’t sure whether to bite, or try spitting it out. Russian sources say that the conditional approval, granted last month by Prime Minister Vladimir Putin for the Verkhotina diamond mining project to commence with joint venture partner LUKoil, […]

by John Helmer - Friday, November 7th, 2008
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By John Helmer in Moscow An attempt by lenders to Alrosa to increase charges for a $350 million one-year syndicated loan has triggered recriminations between the banks in the syndicate, and a categorical denial by Alrosa that it has agreed to pay more. Morgan Stanley heads the syndicate, which also includes Bayerische Landesbank (BayernLB) and […]

by John Helmer - Friday, October 24th, 2008
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By John Helmer in Moscow The share price of Archangel Diamond Corporation (ADC) collapsed yesterday as a company statement acknowledged that its fund-raising of $174.4 million to restart the Grib pipe mining project, in northwest Russia, will be returned to shareholders. ADC issued its statement after PolishedPrices.com had reported that delays in issuing project approvals […]

by John Helmer - Tuesday, October 21st, 2008
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By John Helmer in Moscow Mining entrepreneur Mike Nunn says First African Diamonds, a company he owns, was illegally expropriated, and that he is taking the DRC government to arbitration in Geneva. President Joseph Kabila’s review and reorganization of controversial diamond-mining licences and concessions in the Democratic Republic of Congo (DRC) apparently took a new […]

by John Helmer - Monday, September 15th, 2008
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By John Helmer in Moscow On most indicators the first full financial report issued since Sergei Vybornov took command of Alrosa in February 2007 indicates modest retreat. Sales totalled Rb90.7 billion; converted to US dollars at the December 31, 2007, rate, this is equivalent to $3.7 billion. The result marks a 4% decline in Alrosa […]

by John Helmer - Wednesday, July 23rd, 2008
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By John Helmer in Moscow Announcement from ADC suggests there is more value in the Grib pipe than De Beers report calculates. Archangel Diamond Corporation (ADC), the Toronto-listed junior diamond miner, headed by De Beers lawyer Jonathan Dickman, has trapped itself in an awkward contradiction over the value of its Russian asset, the Grib pipe […]

by John Helmer - Sunday, May 18th, 2008
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By John Helmer in Moscow De Beers report heightens geotechnical and political challenges in Archangel diamond mining project. To adapt the old saw, a great many fresh girls are going to be obliged to make diamonds their best friends before Grib, Russia’s newest, and possibly largest, diamond pipe, can make enough profit to justify digging. […]

by John Helmer - Friday, May 16th, 2008
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By John Helmer in Moscow New Russian diamond mine is bigger and better. Blind Man’s Buff is a game which, in King Henry the Eighth’s time, was played by men at court to grope for ladies.These days it entertains children to hide from the blindfolded one, who plays “it”, and must catchwhoever he can, until […]

by John Helmer - Thursday, April 17th, 2008
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