G7 Sanctions: Buyers Wary of Angolan Goods
October 06, 24
(IDEX Online) - Angola's state-owned diamond miners says some customers are choosing not to buy its goods because Alrosa - the sanctioned Russian miner - holds a hefty stake in its mines.
Endiama, and its subsidiary Endiama Mining, jointly hold a controlling stake (59 per cent) which means their goods are not subject to G7 sanctions, despite Alrosa's 41 per cent holding.
Angola does, however, "occasionally encounters difficulties" with clients as a result, Jose Ganga Junior, CEO at Endiama Mining, told reporters in Luanda last week.
He called for a system for the introduction of a traceability system, but made no mention of plans to oust Alrosa, despite widespread speculation that the Angola is pushing Alrosa to withdraw unconditionally."
"The Angolans believe that the presence of Alrosa as a key shareholder is preventing them from developing their business. In general, they have fair reasons for this," Russia's deputy finance minister Alexei Moiseyev said in May.
And the minerals and petroleum minister Diamantino Azevedo described the partnership with Alrosa as "toxic".
Pic shows Catoca mine, Angola.