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Alrosa Raises Stake in Catoca Mine
Jan 15, 2018 6:15 AM
By Rapaport News
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RAPAPORT... Alrosa has agreed to buy an additional 8.2%
stake in the Catoca Mine in Angola for $70 million, the Russian miner said Friday.
Angolan President João Lourenço approved a redistribution of 16.4% of the enterprise’s holdings, which were split equally between Alrosa and Angola's state mining company Endiama.
The deal is expected to close before the end of March, after which Alrosa and Endiama will each own 41% in Catoca, with the remaining 18% held by LL International Holding.
Catoca Mining, which was established in 1992, is Angola's largest diamond producing asset, with output of 7.2 million carats and revenue of $594 million in 2016.
The entire production is sold by Sodiam, Angola's state-run diamond supplier, with the owners taking a share of the mine's profits.
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Tags:
Alrosa, Angola, Catoca, Catoca Mining, ENDIAMA, João Lourenço, LL International Holding, miner, Rapaport News
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