ALROSA to buy 8.2% more in Angola’s Catoca for $70 mln

MOSCOW, Sep 28 (PRIME) -- The supervisory board of Russian uncut diamond mining giant ALROSA has approved an increase of its stake in Angolan diamond miner Catoca to 41% through the purchase of 8.2% in the company for U.S. $70 million, as seen by PRIME on Thursday in materials of the company.

The other owners of Catoca include Angolan national diamond producer Endiama E.P. with a 32.8% stake, LL International Holding B.V. owned by China-SONAGOL with an 18% stake, and Oderbrecht Mining Services with a 16.4% stake.

Previously, an ALROSA representative said the company will use own money to raise the stake in Catoca. The representative also did not rule out that Endiama will raise its stake in the company attracting Russia’s second largest bank VTB to the process.

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