Russian diamond giant Alrosa is still seeking a buyer to take up its 41% stake in Angola's Sociedade Mineira de Catoca (Catoca) diamond mining company.
However, there is a caveat to the deal, according to a report by Interfax citing Russian Deputy Finance Minister Alexei Moiseyev.
He told reporters on the sidelines of the Moscow Financial Forum last week that the potential buyer should have no links with De Beers, a main competitor of Alrosa.
"The company [Alrosa] plans to leave [Angola] based on the position of the Angolan side. The matter is sensitive. There will be an announcement once the deal has been signed," Moiseyev said.
"We are seeking a strategic partner. We need a partner who will develop the asset, pay a good price and is not affiliated with De Beers. This is the puzzle that needs to be solved."
Alrosa is offloading its shareholding in Catoca due to Angola's concerns about the effects of sanctions imposed on the Russian company.
Angola’s Minerals and Petroleum Minister Diamantino Azevedo said in May that the country’s long-time partnership with Alrosa had become “toxic.”
Alrosa jointly founded Catoca with the Angolan state-owned diamond company Endiama.
Catoca is the world's fourth largest diamond mine by volume and it produces about 6.5 million carats of rough diamonds per year, with reserves estimated at 120 million carats.
Mathew Nyaungwa, Editor in Chief, Rough&Polished from Luanda, Angola
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