Moscow: ALROSA may increase its stake in the Catoca project in Angola. The diamond company is interested in the share, which subsequently will consolidate revenues and reserves, ALROSA's president Andrei Zharkov told Forbes.
The joint venture Catoca in Angola was established in 2014. ALROSA and Angola's Endiama own 32.8% of the company each. Another 18% are owned by the China Sonagol International, and 16,4% belong to Brazil's Odebrecht. Representatives of ALROSA and other shareholders of Catoca did not comment on the issue.
ALROSA plans to boost its Catoca share at the expense of Brazilian company, Deputy Finance Minister Alexei Moiseev said. ALROSA has to buy 17.2% to gain controlling stake, which will add about 15% of the diamond production and 15-20% of net profit to the company, analysts at BCS wrote in a review. The company may also buy more shares from the Chinese company, they add.
