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
Our Standards: The Thomson Reuters Trust Principles.