According to Rapaport, giant diamond miner Alrosa reported that during the second quarter of 2010, it intends to raise $1.5 billion via the issue of bonds. The Russian diamond mining company is also considering issuing Eurobonds in the fourth quarter of next year if global markets recover.

The funds raised will play a key role in helping to reduce the diamond miner’s long-term debt, which already dropped from $5.1 billion in July to $3.8 billion at the end of 2009, largely as a result of the selling off of non-core assets.

With the issue of bonds, the diamond company will reduce its total debt stock portfolio by 10% to $3.5 billion. .In addition, the company’s cost of debt servicing will decrease, changing the structure of its debt.