Subsidiary of Oman's sovereign wealth fund becomes owner of 41% stake in Catoca

MOSCOW. June 9 (Interfax) - The sale of Alrosa's stake in Catoca has been completed, according to information on the website of the Angolan diamond mining company.

Bloomberg previously reported, citing Angolan Mineral Resources Minister Diamantino Azevedo, that Alrosa had sold its stake in Catoca to Oman's state-owned fund Maaden International. In May, Russian Deputy Finance Minister Alexei Moiseyev told journalists that the deal was expected to close by the end of June.

According to Catoca's website, 41% of Sociedade Mineira de Catoca, which was previously owned by Alrosa, is now held by Taadeen, a subsidiary of Oman's sovereign wealth fund. The remaining 59% belongs to the Angolan state-owned company Endiama.

Alrosa was forced to sell its share in Catoca due to Angola's concerns about future cooperation with the Russian company, which is currently under sanctions. Azevedo previously said that the state-run Alrosa had become a "toxic partner due to the global context."

Catoca produces approximately 6.5 million carats of diamonds annually, with estimated reserves of 120 million carats. Alrosa received dividends from its stake in Catoca (totaling around $464 million since the start of production in 1995 through 2018), but did not have a share in sales.