The Angolan government announced that Maaden International Investment, a subsidiary of Oman’s sovereign wealth fund, will replace Russia’s Alrosa in the Catoca diamond project. The decision, announced by Minister of Mineral Resources, Petroleum, and Gas Diamantino Azevedo, follows U.S. and European sanctions on Alrosa, which had impacted Angola’s diamond sector and its credibility in international markets.
Maaden will also take over Alrosa’s role in the Luele Mining Company, partnering with Angola’s state-owned diamond company, Endiama. This move aligns with President João Lourenço’s directive to address the challenges posed by the sanctions and maintain Angola’s standing in the global diamond industry.
Minister Azevedo emphasized Angola’s continued exemption from sanctions, crediting a coordinated stance by the leaders of Angola, Namibia, and Botswana in negotiations with the G7.
Picture Credit: Angolan Ministery of Mineral Resources, Petroleum and Gaz
