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Precious Metals and Mining

Russian EconMin says government raises $813 million for Alrosa's stake

Russia's government has raised 52.2 billion roubles ($813.05 million) through the sale of a 10.9 percent stake in state-controlled diamond producer Alrosa, Russian Economy Minister Alexei Ulyukayev said on Monday.

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The order book for the privatisation of Alrosa, the world's largest producer of rough diamonds in carat terms, was more than 60 percent covered by foreign investors, Ulyukayev said, adding that investor demand for Alrosa's shares had exceeded offer by more than two times.

The sale of Alrosa's stake took place despite the market turmoil caused by Brexit, Ulyukayev told reporters. "Besides, foreign investors showed that despite the regime of sanctions, there is interest in liquid Russian assets," he said.

He confirmed government plans to privatise oil producers Rosneft and Bashneft, as well as shipping company Sovcomflot and bank VTB, saying the government aimed to receive up to 1 trillion roubles this year from privatisation.