Russian mining giant shifts to long term contracts

WDC council meeting witnessed industry leaders taking major decisions. One such decision was expressed by Alrosa’s president Sergey Vybornov that the Russian mining giant was planning to switch from a system of tenders to long-term contracts.

The decision was taken keeping in mind long term relationship with customers such as practised by De Beers, Rio Tinto and BHP Billiton.

As per reports, Vybornov alos expressed that in order to develop the long term contract system, a proper infrastructure and an efficient customs clearing service is required besides other things.

Also, clearing clouds over the much talked about issue of Alrosa going public Vybornov talked on it at length and confirmed the rumours without giving further details.