Oman’s Maaden International Investment has been announced as the new shareholder in Angola’s Catoca and Luele mining companies, replacing the Russian diamond giant Alrosa.
The announcement was made by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, during a Council of Ministers meeting on Thursday.
According to a statement from the Ministry of Mineral Resources, Oil and Gas accessed by VerAngola, Maaden International Investment, a subsidiary of the Sultanate of Oman’s sovereign wealth fund, will assume the shares previously held by Alrosa.
The Russian company faced significant operational challenges due to North American and European sanctions, which also impacted Angola’s diamond industry and its credibility in international markets.
Diamantino Azevedo explained that these sanctions had created difficulties for Angola’s diamond sector, prompting President João Lourenço to direct Endiama, Angola’s public diamond company, to find an alternative that benefits all parties involved.
“Until now, Angola has not been subject to sanctions, thanks to a coordinated position taken by the presidents of Angola, Namibia, and Botswana in discussions with the G7,” Azevedo noted.
Maaden International’s entry into Catoca and Sociedade Mineira do Luele marks a strategic shift for Angola as it seeks to navigate global economic pressures while maintaining its diamond sector’s stability and reputation. The decision follows months of negotiations between Angola and Russia regarding Alrosa’s exit.
This transition underscores Angola’s adaptability in safeguarding its key industries amid geopolitical challenges.
