Leviev Sells Stake in Catoca

(IDEX Online News) - Lev Leviev sold his 18% holding in the Catoca diamond mine in Angola to China Sonangol International for about $400 million, the Russian economic daily Kommersant reported.

The newspaper cited a letter by Alrosa president, Fyodor Andreyev, to Finance Minister Alexei Kudrin. Alrosa held a 32.8% stake in the mine. Other partners included Angola’s state-diamond firm Endiama (32.8%) and Brazilian conglomerate Odebresht Mining Services Inc (16.4%).

Catoca generated more than $527 million in sales in 2010 and net income exceeded $111 million. The diamond mine was established in 1993 by the four partners.

China Sonangol International Holding Limited mainly engages in oil, gas and minerals investment and exploration, crude oil trading and large-scale national reconstruction projects. 

Leviev was not immediately available to comment.