Ivanov Holds Meeting With Endiama Attend Inauguration Of New Angola President

(IDEX Online) – ALROSA President Sergey Ivanov visited Angola to participate in the inauguration ceremony of the new president and hold a working meeting with the management of the national diamond company Endiama E.P.

João Lourenço was proclaimed the President after the Angolan electoral commission announced the results of the parliamentary elections on August 23, with the inauguration ceremony held on September 26 in Luanda.

ALROSA President Sergey Ivanov said: "In his inaugural speech, João Lourenço drew particular attention to the need to attract foreign investment to Angola, and create conditions for the dynamic development of the country's economy. Our company, which has been working in Angola for many years, welcomes these tendencies and is interested in further developing bilateral cooperation with our Angolan partners. We wish João Lourenço success in his new position and will do our best to strengthen the mutually beneficial economic ties between Russia and Angola."

Ivanov also met with Antonio Carlos Sumbula, the head of the national diamond mining company ENDIAMA. They discussed the measures aimed at the improvement of business performance and growth of financial results of the Catoca Ltd. Mining Co. that is engaged in diamond mining in Lunda Sul province. Ivanov and Sumbula also discussed the preparation of a feasibility study of the project for the joint development of the new diamond deposit Luele, which ALROSA said in a statement was the largest of the kimberlite pipes discovered worldwide over the past 60 years.

ALROSA is a co-founder of Catoca Ltd. Mining Co. with a 32.8% share. By the end of the year, ALROSA will increase its share to 41%. Through Catoca Ltd. Mining Co., ALROSA also plans to participate in the development of the Luaxe concession (the Luele pipe). Since 2014, ALROSA and ENDIAMA have been carrying out geological exploration in Angola as part of a joint venture.