SHOWCASE MINE OF THE WEEK - GRIB DIAMOND MINE!!

Grib diamond mine is Russia’s fourth largest and world’s seventh largest diamond mine. The estimated diamond reserve of the mine exceeds 98Mct.

The mine was being developed by Russian oil company Lukoil through its diamond-mining subsidiary Arkhangelskgeoldobycha (AGD). The mine is extracting the Grib pipe situated at Verkhotina in the Arkhangelsk region of north-western Russia. Diamond mining at Grib commenced in 2014. The annual diamond production at Grib at that time was anticipated to be 4Mct. The mine is planned to go underground after 16 years of open-pit operation.

The mine was sold to a Russian investment group Otkritie Holdings for $1.45 billion during the first quarter of 2017 - "Mining Technology/Diamonds.Net".