Sociedade de Catoca has cut production of diamonds at its mine because suppliers and banks refuse to cooperate with them.
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Angola is forcing Russian multinational Alrosa to withdraw from its joint venture Sociedade de Catoca, which owns the world’s fourth-largest diamond mine. The reason for this is the sanctions imposed on Russia for the invasion of Ukraine, which harms the diamond trade. This was reported by the Angolan publication Expansão.
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Last week, representatives of the Angolan authorities met with their Russian counterparts in Dubai (UAE) to resolve the issue of the withdrawal of the Russian shareholder Alrosa from Sociedade Mineira de Catoca.
The media said that diamond production at the mine had declined, and many suppliers and banks refused to cooperate with Catoca because of its connections to the Russians.
The Russian company owns 41% of the shares. The Angolan side demands that the Russians leave the business without conditions; the Russians want compensation for investments.
One possible way to solve the problem is for Alrosa to leave, but there is a guarantee that it will return in the future when the sanctions are lifted. Given Angola’s recent rapprochement with the United States, the Russians are suspicious of this outcome.
Another option is for the Russians to sell their stake in the Angolan company. However, it is not clear whether they will agree to do so. The situation remains uncertain.
The withdrawal of the Russians from the diamond mining joint venture is necessary to lift the sanctions on the mine, but this may be a difficult task.
Let’s recall that Russia, after attracting the Wagner PMC, has earned more than $2.5 billion from the African gold trade since the beginning of Russia’s full-scale invasion of Ukraine.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.