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Leviev Reportedly Sells Stake in Catoca Mine

May 18, 2011 11:18 AM   By Avi Krawitz
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RAPAPORT... Lev Leviev has reportedly sold his stake in the Catoca mine in Angola. According to Kommersant, a Russian business publication, Leviev sold his 18 percent share in the mine to China Sonangol for approximately $400 million.

The deal is expected to be approved in June 2011, the report stated. Kommersant cited a letter sent by ALROSA president Fedor Andreev to Russia’s Finance Minister Alexei Kudrin informing him of the transaction. ALROSA owns 32.8 percent of Catoca with Angola's state company ENDIAMA holding 32.8 percent and Brazilian consortium Odebrecht owning 16.4 percent.

The mine generated revenues of $527 million in 2010 and profits of $111 million  with production at 7 million carats.

Tags: Angola, Avi Krawitz, Catoca mine, Leviev, Rough Diamonds
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