Luanda - The Angolan government ended its partnership with Russia's company Alrosa, which was prospecting, exploring and selling diamonds in the Luele, Lunda-Sul, and the Catoca, Lunda Norte, diamond mines.
The measure was approved Thursday in Luanda at the 11th ordinary session of the Cabinet Council led by President João Lourenço, who assessed the project that amends the investment contract for the exercise of mining prospecting rights, exploration and commercialization of diamonds by Alrosa in the country.
According to the Minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, the decision results from the fact that the company Alrosa has been subject to international sanctions since February 2022 and that the European Union has included Russian diamonds in the sanctions package.
The minister said the Maden Investment Group. CC, a subsidiary company of the sovereign wealth fund of the Sultanate of Oman, is the new company that will be in charge of prospecting, exploring and selling diamonds in those regions of the country.
Diamantino de Azevedo said the Angolan diamond company, Endiama, in compliance with the authorization of the Holder of Executive Power on the matter, took steps and identified in the international market an entity that meets the requirements, as it has the suitability, financial capacity and reputation for the consolidation of this mining company widely recognized world class to guarantee the interests of the country, its partners, people and communities impacted by its activity.
The minister added that with this action this long process has been closed this Thursday and other phases will follow to complete the transaction, so that the new partner can effectively exercise his rights. AFL/ART/TED/AMP
