Mining is carried out by the company “Sociedade Mineira de Catoca”, where 41% belongs to the Angolan state company “Endiama”, the same amount to “Alros”, another 18% to the international holding “LL International Holding BV”.
The Angolan government has been trying to get rid of Russian capital in the mentioned joint venture for a few months now, because the diamonds obtained have become “toxic” for sale. “Endiam” president Ganga Junior has announced that the involvement of “Alros” is undermining the company’s authority in the international market, many banks have refused cooperation.
“Alros” has expressed its readiness to leave, but demands monetary compensation for the investment. Luanda rejects this possibility, stating that the diamond deposits are “Angola’s heritage”, the country owes nothing to anyone, and “Alros” must leave “immediately and without any demands”.
In mid-January, the Angolan delegation met with Russian representatives in Dubai, once again trying to reach an agreement. One of the options mentioned is the departure of “Alros” with a guarantee to return in the future, when there will be no sanctions. Moscow is skeptical about this, given the rapprochement between Angola and the United States.
Katoka has the world’s fourth largest diamond deposits, estimated at 120 million carats in 2019. About 6.8 million carats are mined here every year. “Alros” has been operating in Angola since 1992.
The European Union imposed sanctions against “Alros” and the company’s general director Pavel Marinichev only on January 3. A ban on the import of Russian diamonds came into effect on January 1. The USA included “Alros” in the sanctions list already in April 2022. The share of “Alros” in world diamond mining is 28%, more than 60% of the shares belong to the state.
2024-01-29 02:59:02
#Angola #shows #door #Russia #diamond #mining
