Alrosa is readying itself to float an IPO in 2009, reports say. This initiative has received in principle approvals from Russian Federal Property Agency, a 37 percent stake holder in Alrosa. Alrosa is planning to diversify from open pit mining activities to underground deep mining activities at its mines in Republic of Sakha, Russia and the IPO is being taken up to part fund this venture. Overall, the diversion is expected to entail a cost of around $3 billion to $4 billion. %% Also, Alrosa is contemplating to change its corporate structure to an open joint stock company to enable the sale of shares. Also, plans are afloat to issue $1 billion worth of Eurobonds by end-2008, to finance short term debt