News

December 30, 2008

De Beers Threatens To Abandon Russian Diamond Mining

John Helmer in Moscow

A 21-day ultimatum has been issued to the Russian government to put up the Grib pipe in Arkhangelsk for development by a joint venture between De Beers and LUKoil; or else De Beers will walk out of Russian diamond mining for good. If that happens, the Russian diamond miner Alrosa, along with internationals Rio Tinto and BHP Billiton, and the Israeli Lev Leviev, will prepare to replace De Beers.

A 21-day ultimatum has been issued to the Russian government to put up the Grib pipe in Arkhangelsk for development by a joint venture between De Beers and LUKoil; or else De Beers will walk out of Russian diamond mining for good.  If that happens, the Russian diamond miner Alrosa, along with internationals Rio Tinto and BHP Billiton, and the Israeli Lev Leviev,  will prepare to replace De Beers.
 
Sources close to De Beers claim that some senior executives in London...