May 23, 2017 / 6:35 PM / a year ago

Russia's Alrosa secures stake in Angola's largest diamond deposit

MOSCOW (Reuters) - Russian miner Alrosa has bought a stake in Angola’s Luaxe diamond deposit, it said on Tuesday, providing the company with access to a production base outside Russia.

Alrosa and Endiama, the National Diamond Company of Angola, have signed a contract to secure 50.5 percent of what is Angola’s largest diamond deposit for Catoca, which is 32.8 percent owned by the Russian company. Alrosa will also receive 8 percent in Luaxe directly, it said.

No details were given of how much the transaction was worth, but Luaxe includes a kimberlite deposit worth more than $35 billion, according to the Alrosa estimates.

Reporting by Diana Asonova; Writing by Denis Pinchuk; Editing by David Goodman

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