Alrosa Exits Angola Diamond Partnership

Russian diamond miner Alrosa has announced the sale of its shares in two Angolan diamond mines to Maaden International Investment, a subsidiary of Mercury Investments International, a state-owned company owned by the Government of Oman. The move comes in response to G7 sanctions, according to IDEX Online.

Angola’s Minister of Mineral Resources, Diamantino Azevedo, recently confirmed the development, stating that Alrosa “will no longer be part of this partnership due to international sanctions imposed on Russia.” He further noted that the sanctions were damaging Angola’s credibility in the global diamond market.

“Alrosa, a partner of Endiama in the Catoca mining company, will cease to be a partner of this company and, consequently, also a partner of the Luele mining company,” Azevedo said.

Alrosa previously held a 41% stake in the Catoca Mining Society (Sociedade Mineira de Catoca), which operates both the Catoca mine and the newly-opened Luele mine.

Details of the financial terms surrounding the share transfer have not been disclosed, according to the report.

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