Russian diamond mining giant Alrosa has announced the sale of its shares in two Angolan diamond mines to Maaden International Investment, a subsidiary of Mercury Investments International, which is wholly owned by the Government of Oman. This decision comes in response to sanctions imposed on Russia by the Group of Seven (G7) nations.
Angola’s Minister of Mineral Resources, Diamantino Azevedo, confirmed the development, explaining that Alrosa’s departure from the partnership was a direct result of international sanctions. Azevedo added that the sanctions had negatively impacted Angola’s standing in the global diamond industry.
“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 stated.
Prior to the sale, Alrosa held a 41% stake in the Catoca Mining Society (Sociedade Mineira de Catoca), which operates both the Catoca mine and the recently launched Luele mine.
The financial terms of the share transfer remain undisclosed.
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