A representative of the Russian Finance Ministry said that diamond mining company ALROSA may sell its stake in the Angolan diamond project Catoca before the annual general meeting of shareholders (AGM) of the latter, set to take place on June 30.
"Catoca's AGM is on June 30. Of course, we assume that everything will be completed by that time. In any case, [it should conclude] by June 30, so that there are new shareholders at the AGM," deputy finance minister Alexey Moiseyev explained.
Previously, Russian government officials predicted that the deal would be completed by the end of 2024. Around the same time, Bloomberg quoted 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.
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.
Theodor Lisovoy, Managing Editor, Rough&Polished
