Alrosa to Offload Non-Core Assets

RAPAPORT... Alrosa will sell about $88 million worth of non-coreoperations during 2019 so it can focus on its diamond business. The miner will auction off more than 80 assets, includingland, construction sites, heating and electricity services, vacation resorts, andhousing projects, the company said Thursday. Alrosa's supervisory boardapproved the plan at a meeting on December 14. It will hold the first publicauction in the first quarter, with a second sale taking place in the fourthquarter. "The sale of non-core assets is one of the priorities set bythe shareholders to the management of Alrosa," a company spokesperson told RapaportNews. "This is expected to have a positive effect on the economicperformance of the Alrosa group, and the quality of management, allowingAlrosa's management to focus on developing the core business for the company." This year, the miner sold off gas assets, property and land forapproximately RUB 31 billion ($447 million). Image: Flags outside an Alrosa facility. (Alrosa)