Alrosa Concludes Sale of Share in Catoca
June 11, 25
(IDEX Online) - Alrosa has concluded the sale of its 41 per cent share in Catoca, Angola's state-controlled diamond miner, drawing an end to a 32-year partnership.
It has been acquired by Taadeen, a subsidiary of Oman's sovereign wealth fund.
The move was announced last November, after Angola's mineral resources minister Diamantino Azevedo described Alrosa, the sanctioned Russian miner, as a "toxic partner".
The transfer was formalized on 26 May and leaves Angola's national diamond company Endiama EP retaining a controlling 59 per cent.
Catoca's updated website now lists its company shareholder structure as: "Endiama EP (National Diamond Company of Angola) - 59% Taadeen (Subsidiary company of the Sovereign Wealth Fund of Oman) - 41%".
No financial details of the share transfer have been released.
Alrosa acquired 32.8 per cent of Catoca shares in 1992, soon after the country's long-running civil war came to an end, and increased its stake to 41 per cent in 2018.
Pic shows Catcoca mine, Angola.