Alrosa Could Sell Stake in Angola Mine
October 18, 23
(IDEX Online) - Alrosa could sell its 41 per cent stake in the Catoca diamond mine, in Angola, according to media reports.
The sanctioned Russian miner is said to be negotiating an exit from its joint venture with Endiama, Angola's state-owned miner, which also holds a 41 per cent stake, according to the Africa Intelligence website.
The remaining 18 per cent is owned by Leviev International - LLI (China).
There is speculation that Alrosa has been prompted by US sanctions, a decline in global demand, and banking restrictions which have prevented it transferring $185m in dividends from Angola.
Catoca is the fourth largest open-pit mine in the world, responsible for the over 75 per cent of Angolan diamonds.
In February the Angolan government announced plans to sell shares in Endiama as part of a series of economic reforms.
Angola's total output for 2022 was 8.75m carats, well down on an initial forecast of 13.8m carats.
Pic courtesy Catoca