Alrosa to consider withdrawal from subsidiary Alrosa-Nyurba

Alrosa said on Thursday its supervisory board will consider terminating the Russian diamond miner's participation in the share capital of Alrosa-Nyurba on September 10 by way of voluntary liquidation of Alrosa-Nyurba.

The voluntary liquidation, in case it gets an approval from Alrosa's board and then from Alrosa-Nyurba's board and shareholders, would be completed by the end of 2020, it said.

Alrosa, which holds a 97.5% stake in Alrosa-Nyurba, said the liquidation of Alrosa-Nyurba will not affect its financial results.

Management believes consolidating core assets, including licences, on the parent company’s balance would improve efficiency and lower costs, Alrosa CEO Sergey Ivanov said in a statement from the company.