Industry News by Nemesis

Alrosa Sells Two Pilot Batches of Angolan Diamonds

March 18, 2017

Alrosa sold two batches of diamonds from its Angola-based processing facility of Catoca since the beginning of this year, according to a news report. 


Alrosa controls a 32.8 percent stake in Catoca, so does Endiama, an Angolan state-owned diamond company. 


LL International Holding B.V. which is owned by China-Sonagol controlled an 18.0 percent stake, while Brazil’s Odebrecht Mining Services owns 16.4 percent of the company. 


"Since February 2017 our Angolan partners have allowed us to participate in sales. We have already sold two pilot batches of diamonds from the Catoca deposit," Russian news agency TASS quoted Alrosa vice president Rinat Gizatulin as saying, adding the deal was worth between $10 million and $15 million. 


Catoca conducts diamond mining operations in the Lunda Sul Province. 


It produces and sells around 6.8 million carats each year. 


Meanwhile, Gizatulin said Alrosa was also planning to sell 35 percent of diamonds from Catoca and about 50 percent from the Luaxe deposit, also in Angola. 


Luaxe was still under development with production expected to commence early next year with an annual output of about 10 million carats. 


"According to our geologists, this is a very promising huge deposit with at least 400 million carats of diamonds," said Gizatulin. 

 

Source: Rough-polished

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