The Russian government has gained a majority stake in diamond mining company ALROSA through the issue of new shares, local media reported Wednesday citing a company statement. Through the share placement, the government raised its stake in ALROSA from 37 percent to 50 percent plus one share, while the Republic of Sakha (Yakutia,) where ALROSA’s diamonds are mined, retained its 32 percent share. The eight districts in Yakutia kept their 8 percent collective interest, RIA Novosti (Russian News and Information Association) reported.

Read Full Story