Luanda - Angola's National Diamond Company (Endiama) and Russian diamond company Al Rosa formalised the acquisition of Wargan's 16.4 percent stake in Sociedade Mineira of Catoca, Lunda Norte, raising their stakes to 41% each, ANGOP learnt Monday.
Around USD 70 million ( 41.4 billion kwanzas) were paid to Wargan with the company's equity.
The process for the acquisition of Wargan's shares was announced by the manager of Geology and Mining Development at Endiama, Ana Feijó, on January 21.
According to a press release, the acquisition of 16.4 percent of shares in Wargan enables both Endiama and Al Rosa to hold 41% stakes in Sociedade Mineira de Catoca, while LL International retains the remaining 18 percent.
The purchase of these shares is meant, among other goals, to boost Endiama's role, not only as an operator and equity manager, but with a crucial role, in its 'core business', of prospecting, producing, ore treatment, cutting and marketing.
Sociedade Mineira of Catoca has a shareholder structure led by Al Rosa and Endiama, both with a 41% stake, with LL International Holding BV's Chinese holding 18%.
