President of ALROSA Sergey Ivanov met with President of the Republic of Angola João Lourens

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President of ALROSA Mr. Sergey Ivanov

The President of ALROSA Sergey Ivanov paid a working visit to the Republic of Angola. During the visit, Ivanov met with President of Angola João Lourenço and discussed issues related to the development of bilateral cooperation in the extraction and sale of rough diamonds.

The President of Angola noted, in particular, the importance of increasing the transparency and efficiency of the current system of selling diamonds mined on the territory of the country. According to S.Ivanov, ALROSA is ready to submit relevant proposals to the Angolan side for consideration. “These proposals will take into account not only international experience, but also features of the Angolan economy and legislation. We believe that their implementation will help to increase profitability and increase the tax base and dividends in the Republic of Angola, “Sergei Ivanov said after the meeting.

José Manuel Ganga Júnior, the recently elected president of ENDIAMA, the diamond mining company, discussed the work of the diamond mining joint venture Katoca (CATOCA). ALROSA President confirmed that the company plans to close the deal by the end of this year to purchase a 8.2% stake in the share capital of Katoka from the Brazilian company Odebrecht. At present, the share of ALROSA in the authorized capital of the mining company is 32.8%. The transaction value is estimated at $ 70 million.

The parties discussed issues related to the financing of another international enterprise – Luaxe, established in May this year, as well as expanding cooperation in the field of exploration and study of the resource potential of the diamond industry of the Republic of Angola.

During the visit, ALROSA President also met with the heads of several ministries of the Republic of Angola and with the head of the Administrative Council of Sodiam.

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