Catoca Mine: Angola and Russia Work to "Remove Obstacles"
September 04, 24
(IDEX Online) - Angola and Russia are reportedly working towards a deal that could allow Alrosa to retain its 41 per cent stake in the massive Catoca diamond mine.
The government of Angola had been pushing for Alrosa - controlled by the Russian government - to withdraw unconditionally from Sociedade Mineira de Catoca, the company that operates the mine, which is now subject to G7 sanctions.
In May it was reported that Alrosa would indeed be selling its share in the mine, which produces over 75 per cent of Angola's diamonds.
But the Russian news agency Sputnik yesterday (3 September) quoted Angola's ambassador to Russia, Augusto da Silva Cunha, as saying Moscow and Luanda were now working together to remove obstacles to Russian Alrosa's continued operations in the country.
"It is true that the sanctions imposed on Russia have affected Alrosa's operations at the Catoca mine," he said.
"But despite this, Angola and Russia are developing mechanisms to overcome the difficulties that have arisen."
The report did not specifically say whether or not that meant Alrosa would retain its stake in the mine.
Earlier this year Russia's deputy finance minister Alexei Moiseyev said negotiations over a price tag for its share in the world's fourth biggest mine were taking place with "friendly investors".
Pic shows Catoca mine, Angola.