Industry News by Nemesis

Angolan President Visits Russian-Angolan Business Forum and USO of ALROSA

April 6, 2019

Angolan President João Lourenço, during an official visit to Russia on April 3, attended Russian-Angolan business forum and United Selling Organization of ALROSA. 

The Russian-Angolan business forum is organized with the support of the Russia-Angola Business Council chaired by ALROSA CEO Sergey Ivanov. 

The goal of the event is the development of economic relations between the Republic of Angola and the Russian Federation. 

In partnership with the Angolan state-owned company ENDIAMA, ALROSA develops the major Catoca diamond field in Angola. In 2013, with the participation of ALROSA’s specialists in Angola, a new promising Luaxe field was found. This deposit may become one of the largest in the last 60 years of global diamond exploration. 

“Given the resource potential of Angola, the technological and financial possibilities that we have, we can confidently say that we have all the necessary prerequisites for enhancing bilateral cooperation in the diamond industry and strengthening the positions of our countries in the global diamond market,” noted Sergey Ivanov during his speech at the forum. 

Angolan President also visited the Unified Selling Organization (USO) of ALROSA, where sorting of rough diamonds, their pre-sale preparation and subsequent sale takes place. 

The mass media also report that ALROSA will soon give Endiama a 8.2% stake in the Catoca joint venture and acquire the same amount of shares in the company. 

“The deal is progressing in a regular mode, we will soon issue an 8.2% stake in the mining company directly to Alrosa. Everything in the plan is connected with legislative bureaucratic things. Actually, today we can say that ALROSA owns more than 41% in Catoca, the same share as our partners, Endiama,” quoted Sergey Ivanov as saying. 

Source: Rough&Polished

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