Maaden, the Omani company set to replace Russian diamond giant Alrosa in the Catoca and Luaxe mines in Angola, has initiated discussions with its new partner, the state-owned Endiama.
The Ministry of Mineral Resources, Oil, and Gas announced that the first meeting between Ganga Junior, President of Endiama, and Abdul Aziz Al Maqbali, President of Maaden, took place in Luanda earlier this week.
The replacement of Alrosa, a Russian company affected by international sanctions, by Maaden—a subsidiary of the Sultanate of Oman’s sovereign wealth fund—was approved by Angola’s Council of Ministers on November 28.
The sanctions against Alrosa disrupted Angola’s diamond industry and affected the global perception of Angolan diamonds, necessitating the transition.
During the meeting, Abdul Aziz Al Maqbali expressed optimism about the partnership, stating that both companies are “highly aligned” and expect to finalize investment negotiations in the coming days, coinciding with Angolan President João Lourenço’s visit to Oman.
“There is strong ambition from both companies to strengthen Angola’s diamond value chain and boost the economies of both nations,” Al Maqbali said.
Maaden will acquire Alrosa’s 41% stake in the Catoca mine and its indirect share in the Luaxe mine through Catoca.
These mines are among the most significant diamond assets in Angola, with Catoca alone accounting for a major share of the country’s diamond output.
Minister of Mineral Resources Diamantino Azevedo emphasized that replacing Alrosa with Maaden will restore stability and credibility to Angola’s diamond sector.
He noted that the sanctions on Alrosa had posed challenges to the local diamond industry and tarnished Angola’s international reputation in the diamond market.
With this partnership, Angola aims to reinforce its position as a key player in the global diamond value chain while fostering economic collaboration with Oman.
