Endiama E.P., the Angolan diamond prospecting, exploitation, cutting and marketing company recently informed its AlRosa counterpart of its decision to end the rotating presidency pattern and discontinue the Supervisory Board at Sociedade Mineira de Catoca.
Sources familiar with the situation said that this intention is irreversible and that the Institute for the Management of State Assets and Participations (Gestão de Activos e Participações do Estado, IGAPE), as representative of the State shareholder in public companies, has also been informed about the matter.
At the heart of the differences, Endiama alleges successive interference and insubordination by entities linked to AlRosa, which do not obey to the authorities designated by the Angolan counterpart, in a clear disrespect and violation of national sovereignty.
The procedure, according to Endiama, threatens the fulfillment of the outlined objectives, which is why the diamond company makes it known that it will oppose all the decisions taken so far by the joint body.
"Endiama sees itself under the duty and obligation to reverse the concessions made so far, as our good faith has been used to implement a system that clashes with our institutional duty to help the State preserve sovereignty over the mineral resources”, the source added.
Sociedade Mineira de Catoca Lda is an Angolan company engaged in prospecting, exploring, recovering and marketing diamonds, formed by Endiama (Angola) with 41 percent, Alrosa (Russia) with 41 percent and Lev Leviev International – LLI ( China) with 18 percent.
Catoca is the fourth largest open-pit mine in the world and the largest company in the diamond subsector in Angola, being responsible for extracting more than 75 percent of Angola's diamonds. The Catoca diamond mine, or simply Catoca mine, is a diamond mine in operation since 1996. It is located in the territory of the municipality of Saurimo, province of Lunda-Sul. The mine occupies an area 639 000 square meters and employs more than 3,300 employees.
Vladimir Malakhov, Rough&Polished
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