According to media sources, an Omani state-backed fund Maaden International Investment LLC has acquired ALROSA’s 41% stake of the Catoca diamond project in Angola.
Bloomberg quotes Angolan mineral resources minister Diamantino Azevedo as saying that the Russian diamond miner “will no longer be part of this partnership due to international sanctions imposed on Russia.” The restrictions were “affecting Angola’s credibility in the international diamond market,” he added.
"From now on, we have a new partner and this partner is the one that will exercise the rights that until now belonged to ALROSA," Azevedo said to a national radio station as cited by Reuters.
"ALROSA, a partner of Endiama in the Catoca mining company, will cease to be a partner of this company and, consequently, also a partner of the Luele mining company."
Angola’s state-owned diamond company, Endiama, said earlier that its collaboration with ALROSA has discouraged certain buyers, although its output is not subject to Western sanctions. On his part, Russian Finance Minister Alexei Moiseyev said in October that ALROSA is still seeking a buyer for its Catoca stake, with the condition being that the potential buyer should have no links with De Beers, a main competitor of ALROSA.
Theodor Lisovoy, Managing Editor, Rough&Polished
