Africa Mining: Odebrecht divests stake in Angolan diamond company

Wargan Holdings Limited, a company whose share capital is 100% owned by Russian group Alrosa PJSC, acquired the 16.4% stake held by Odebrecht Mining Service Investments GmbH in the Catoca Mining Company (Sociedade Mineira de Catoca – SMC), according to an order published in Angola’s official bulletin, Diário da República.

The same order cited by Angolan news agency Angop also said that Wargan Holdings Limited subsequently sold this stake to the Alrosa PJSC group and the state-owned diamond company Endiama in equal shares of 8.2 %.

The share capital of SMC was thus divided into two 41% stakes owned by Endiama and the Russian group and the remaining 18% is owned by LL Internacional Holding B.V.

“Odebrecht Angola has expressed its intention to sell the 16.4% stake held in the capital of Sociedade Mineira de Catoca in order to concentrate on infrastructure projects,” said the document signed by the President of the Republic, João Lourenço.

SMC, located in the municipality of Saurimo, Lunda Sul province, is the fourth largest producer of diamonds in the world, with a share of 86.3% by volume and 60.3% by value. (macauhub)