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The deal to increase ALROSA’s stake in Catoca to 41% will be closed by the end of this year

14 november 2017
(INTERFAX.RU) - The deal to increase ALROSA's stake in Angola’s diamond miner Catoca to 41% is to be closed by the end of 2017. Yury Trutnev, Russia’s Deputy Prime Minister and Presidential Envoy to the country’s Far Eastern Federal District told this to journalists after his talks with João Lourenço, the new president of Angola and José Manuel Ganga Junior, the new head of Endiama, Angola’s state corporation, which partners with ALROSA in operating Catoca.
"The deal on Catoca is to be closed before the end of the year. The parties, of course, touched this issue at the talks," he said.
Currently, ALROSA holds 32.8% in Catoca, the world’s fourth largest diamond mine by output in carats. As it was reported, the Supervisory Board of ALROSA approved the acquisition of additional 8.2% in Catoca for $ 70 million this last September.
The arrangement regarding the deal was reached at the end of last May, when ALROSA and Endiama, Angola’s state corporation, which is another founder of Catoca, entered into an agreement to establish a new venture to develop the Luaxe diamond field located in the vicinity of Catoca.
"As for Luaxe, the new management of Endiama and the ministry have been tasked to formulate proposals on how this project will be financed and how it will be managed. Both ALROSA and Endiama have proposals regarding this. Their positions are not antagonistic," the deputy prime minister said.
Catoca, in which ALROSA and Endiama will hold 41% each, owns 50.5% of the Luaxe project, and ALROSA will acquire another 8% directly.
Besides, the joint exploration company established by Endiama and ALROSA discovered about 240 anomalies on the territory of Angola, which also need to be explored, the deputy prime minister said. "The partners are set to do this job. The position of the country's leadership is most positive, all are set to improve the effectiveness of cooperation," he added.
The investment in the initial development of the Luaxe project is forecasted to reach $ 100 million, but it will be possible to talk about its stages and specific dates after the completion of a feasibility study.


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