Plans are afloat to transform Alrosa into an open joint stock company, reports say, and proposals for this are likely to be ready by mid-2010. The strategy will benefit Alrosa in increasing its potential to attract investment. The company requires funds to convert its open pit mining into underground mines which is const intensive, and considering diamond resources are finite, it plans entering other areas of mining applying similar technologies, which is also a costly affair, reports say. %% The company needs $2 billion-$3 billion to build the world's biggest deep mine with capacity of removing 4 million tons of ore annually at the Udachny diamond pipe. Also, the company has received iron ore licenses in Yakutia, reports add. %% To initiate the process of proposals, a working group is being formed to create a technology for the transformation into an open joint stock company. However, Yakutia government affirms that the technology so devised must involve Yakutia keeping a stake. At present Alrosa is Russia’s diamond mining monopoly, in which the Russian Federation owns 50.9 percent and Yakutia government holds 32 percent stake.