March 18, 2019 / 9:46 AM / a year ago

Russia's Alrosa sees cost of reopening Mir diamond mine about $1.3 billion

The Alrosa logo is seen at the polishing affiliate of the Russian diamond producer in Moscow, Russia February 12, 2018. REUTERS/Sergei Karpukhin

LONDON (Reuters) - Russian state-controlled diamond producer Alrosa said it would need to invest around $1.3 billion to reopen its Mir diamond mine, which was suspended following flooding.

Chief Financial Officer Alexey Philippovskiy told an investor meeting in London the company was still analyzing whether to reopen the mine, which would take between six and eight years and cost “in the range of $1.3 billion”.

Reporting by Barbara Lewis and Eric Onstad

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