Angola wants to expel Russia from joint diamond mining business

Angola wants to expel Russia from the joint diamond mining business. Due to the sanctions imposed on Russia, suppliers and banks refuse to work with their company.

RBC-Ukraine reported this with reference to the Angolan edition of Expansão.

Angola is forcing the largest diamond company in Russia and the world, Alrosa, to withdraw from the joint business Sociedade de Catoca, which owns the fourth largest diamond mine in the world.

According to the publication, last week, representatives of the Angolan authorities met with their Russian counterparts in Dubai to resolve the issue of the Russian shareholder Alrosa's withdrawal from Sociedade Mineira de Catoca.

Expansão reports that diamond production at the mine has declined, and many suppliers and banks refuse to work with Catoca because of its ties to the Russians.

Russian Alrosa currently owns 41% of the shares. The Angolan side demands that the Russians leave the business without conditions, while the Russians want compensation for their investments.

Author - Serhii Kolomiets, 28/01/2024