Market NewsNewsAlrosa buys stake in Catoca

Alrosa buys stake in Catoca

Russian miner Alrosa, the world’s top diamond producer by output, received Friday approval from Angolan President Joao Lourenço to expand its stake in local producer Catoca, reported.

The deal, worth $70 million, gives Alrosa a further 8.2% stake in Catoca Mining, providing the diamond giant with access to a production base outside Russia, the report said.

The parties expect to complete the transaction in the next two months. Once finalized, Catoca will be 41%-owned by Alrosa, while Endiama — the National Diamond Company of Angola — will hold another 41%. LL International Holding B.V. will have an 18% stake, said the report.

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