Lukoil Sells $162 Million of Grib Mine Diamonds in 2015

Mining and Exploration
06/04/2016 13:45

Russian oil company Lukoil’s revenue from diamond sales hit $162 million (RUB 11 billion) in 2015 as the company increased output at its Grib mine, according to an earnings report cited by Rapaport News. Lukoil commissioned its diamond project at the Vladimir Grib deposit in the Arkhangelsk Region of Russia in June 2014, and sells the majority of its diamond output through its Antwerp-based Grib Diamonds subsidiary. About 20 percent of the goods are sold independently in Russia. At the time of its commissioning, Diamond Intellegence Briefs wrote that open-pit mining techniques are used for the field development, and that the Moscow-based company aims to produce 4.5 million carats annually starting in 2016. Rapaport adds that Lukoil is Russia’s second-largest oil producer and the Grib mine is its only diamond asset. The company reported profit dived 26% to $4.3 billion in 2015 as it wrote down the value on some assets because of a slump in oil prices. Revenue rose 4% to $83.77 billion.