OREANDA-NEWS. October 20, 2009. A meeting of the Board of Directors of АLROSA Inc. under chairmanship of the President of АLROSA Inc. Fedor Andreyev, was held in the town of Mirny (the Republic of Sakha (Yakutia)), reported the press-centre of АLROSA.

Members of the board discussed the plan of financial and economic activity of АLROSA for 2010.

Key tasks for the next year were defined: maximum retention of workplaces with unconditional implementation of diamond extraction program, schedules of exploration work, decrease of credit portfolio amounts and expenditures for its servicing, priority of investments budget in the part of construction of underground raw material complexes.

The Board took a decision to elaborate the main economic indexes of the plan prior to its submitting for consideration by members of the supervisory board of АLROSA Inc.

The plan provides for suspension of the company’s personnel  within the limits of 600-800 persons. Moreover, application of such measures as release a part of the personnel by means of time-out, leave with no salary retention as well as half-time working schedule.

The Board discussed offers on improvement of the existing system of materials and machinery purchasing system and heard comparative analysis of expenditures on capital construction in 2008-2009 as well as costs forecasts for 2010.

The decision was taken to adjust the consolidated budget of materials and machinery purchasing for 2010 towards reduction of cost parameters of the resources purchased. When adjusting the plan for 2010, it was decided to develop the program for reduction of expenditures of capital construction management subdivisions.

A decision on termination of the activity of the company subsidiary АLROSA-Pomorye in Arkhangelsk and establishment of an integrated geologic-geophysical party included into the Mirny exploration party of АLROSA Inc. on the base of this enterprise’s property was prepared for submission to the meeting of the supervisory board.

Examination of the current projects implementing on construction of underground mines and consideration of its results in the company’s technical and economic board were also envisaged.

Moreover, the board discussed the company’s project prospect in the Republic of Angola.
The day before the board’s meeting, the President of АLROSA Inc. Fedor Andreyev visited the Nurbinsk ore mining and processing enterprise where he held a council on the result of the ore mining and processing enterprise’s activities during 9 months of the current year.

The President heard reports of the heads of logistics, capital construction and departments of the Mirny ore mining and processing enterprise on the results of activities during three quarters of 2009.