A subsidiary of Oman’s sovereign wealth fund has taken over Russian sanctions-hit Alrosa’s stake in Angola’s state-controlled diamond miner, Catoca, according to Angolan officials.
Angola had faced mounting international pressure to sever ties with Alrosa, the Russian state-controlled diamond giant and world’s largest producer of rough diamonds by volume.
This pressure began in 2022 following Western sanctions imposed on Alrosa due to Russia’s invasion of Ukraine.
“From now on, we have a new partner who will exercise the rights previously held by Alrosa,” announced Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil, and Gas, during a national radio interview.
He confirmed that Alrosa would no longer hold stakes in Catoca, Angola’s largest diamond mine, nor in the associated Luele mining company. Alrosa previously owned a 41% share in Catoca but declined to comment on the development.
Minister Azevedo emphasized that retaining Alrosa as a shareholder was undermining Angola’s credibility in the international diamond market. However, he provided no further details on the terms of the deal with the Omani firm.
This shift marks a significant move for Angola as it seeks to align its diamond sector with international standards while maintaining productive partnerships.
Catoca remains a critical player in Angola’s diamond industry, contributing substantially to the country’s economy.
