OTHER NEWS - Dec. 28, 1992

Diamond Mining OK’d in New Russian Field: Local authorities in Russia’s far northern region of Arkhangelsk have given their seal of approval to plans to develop a vast new diamond field north of the Arctic Circle, Itar-Tass news agency reported. Geologists say the Lomonosov diamond field, discovered seven years ago, could produce one-tenth of the world’s rough diamond output when it is fully operational. It would be Russia’s second-largest diamond producing area after Yakutia, a vast isolated area about 5,000 miles east of Moscow, although the diamonds will be of lower quality. Industry officials said earlier this month that the new field would probably not be fully operational for 10 or 15 years, and there would be no returns on investment for at least five years.