Alrosa, a Russian diamond mining company, plans to inject approximately $1.3 billion to re-inaugurate its Mir diamond mine located in Mirny.
The company said that the work requires deep level exploration down to -1,300 meters to confirm the mine's reserves and will cost around $30.3 million.
The exploration is scheduled to be finalized by early 2022 and forms part of Alrosa’s $436 million capital expenditure programme for 2019.
Based on the results of the exploration works, pilot holes will be drilled to begin preparation of deposit opening design documents within 1 to 2 years. The work is expected to be completed before 2024.