De Beers to acquire stake in major Russian diamond deposit
Diamond multinational De Beers will acquire a large stake from Russian oil giant LUKoil in one of Europe’s biggest diamond deposits located in northwest Russia, LUKoil’s press office said.
LUKoil and De Beers signed on Tuesday in Moscow an agreement on the ownership and development of the Verkhotina diamond project located in the Arkhangelsk Region. Under the agreement, Archangel Diamond Corporation (ADC), a Canadian-based subsidiary of De Beers, will acquire up to 49.99% shares held by LUKoil in the Arkhangelskoye Geologodobychnoye Predpriyatiye (AGD), a company currently wholly owned by the Russian oil company and licensed to develop the Verkhotina diamond field. LUKoil will retain the remaining controlling stake in the project. Once the deal is completed, litigation and arbitration proceedings related to the ownership of the license to develop the Verkhotina diamond field, which was discovered in 1996 by an exploration venture set up by ADC and AGD, will be terminated, LUKoil said in a statement. (rian.ru)
ADVERTISEMENT
Rate-setters Point to Continued Need for 'Disciplined' Polic...
Gov't Keeps Rate on General-purpose Student Loans at 7.99%
Hungarian Companies Participate in EU Cloud Computing Projec...
Heineken Balaton Sound Announces 1st Phase Lineup
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
