ALROSA Expands Into Polymetals and Gold Amid Diamond Market Uncertainty

Russia’s state-run diamond miner ALROSA is expanding its exploration and development efforts beyond diamonds, citing signs of polymetal occurrences in Yakutia and a broader push into gold mining. The company plans to evaluate the commercial potential of these additional resources, aiming to list them on its balance sheet.

Company head Pavel Marinychev confirmed during the Hozaktiv-2025 corporate forum that promising polymetallic traces have been discovered during diamond exploration in the Mirny region and nearby licensed areas. As a result, ALROSA is allocating extra funds to study these materials, with the goal of increasing the company’s overall market value. The miner is open to either developing these polymetal resources independently or partnering with other entities.

ALROSA’s diversification strategy, adopted in 2024, is designed to buffer the company against volatility in the diamond sector. In line with this plan, ALROSA has ramped up geological surveys targeting gold in Yakutia and is also preparing to launch gold mining at new sites.

The company is collaborating with Rosatom’s mining arm, Rosatom Nedra (formerly ARMZ), to explore joint gold development projects in Chukotka. Meanwhile, ALROSA’s subsidiary, Almazy Anabara, will begin primary gold production for the first time in 2025, having previously only mined gold as a by-product.

ALROSA’s most substantial gold asset to date is the Degdekanskoye deposit in the Magadan region, acquired from Polyus in 2023. The site is projected to produce between 3.5 and 5 tonnes of gold annually.

Despite these developments, Marinychev emphasized that ALROSA’s primary focus remains on diamonds, with gold and polymetals serving as a means of stabilizing revenue amid fluctuating commodity markets. He noted a historical inverse price relationship between gold and diamonds, further supporting diversification as a strategic hedge.