May 17, 2020

ALROSA CEO Steps Down Amid Health Concerns

2 min
ALROSA CEO Steps Down Amid Health Concerns
Russias largest diamond producer, ALROSA(MCX:ALRS), announced its Chief Executive Officer Fyodor Andreev is stepping down from his position after reveal...

Russia’s largest diamond producer, ALROSA (MCX:ALRS), announced its Chief Executive Officer Fyodor Andreev is stepping down from his position after revealing health concerns.

The decision was announced Monday at the company’s weekly management meeting.

“Andreev’s decision leaves the company and its investors in a very vulnerable position as it’s not clear yet who will be the next CEO and what will be the strategy,” George Buzhenitsa, an analyst at Deutsche Bank AG, said.

According to ALROSA, Ilya Ryashchin, a first vice-presient, will become acting CEO.

Andreev, 47, joined ALROSA in 2002, serving as First Vice-President, economics and Finance until 2003. He was appointed CEO on July 15, 2009.  

Under his management, the company went public on the Moscow Stock Exchange in October 2013. ALROSA also sold $1.3 billion shares to investors in October including Oppenheimer Funds Inc. and Lazard Ltd’s asset-management unit.

Although the resignation of Andreev is surprising, he will continue to take part in governance as a member of the Supervisory Board.

ALROSA fell 3.6 percent to 37.08 rubles amid news of the resignation in Moscow.

Earlier this month, ALROSA announced it would begin expanding its presence in Asia, targeting both India and countries with a large Indian expat population.  The company also announced its partnering a Zimbabwe-Russia joint venture company to prospect for diamonds in the southern African country.

ALROSA sold nearly $4.7 billion worth of diamonds in 2013. 

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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