Thursday, May 19, 2011

Leviev sells 18 percent stake in Angola's Catoca mine

Israeli diamond tycoon Lev Leviev is reported to have sold his 18 percent stake in the Catoca mine in Angola to China Sonangol for around $400 million, according to a report in Russian business paper Kommersant.

The deal is expected to be approved in June 2011, Kommersant reported, according to a letter sent by Alrosa President Fyodor Andreev to Russian Finance Minister Alexei Kudrin telling him of the development.

Russian mining giant Alrosa owns 32.8 percent of Catoca, while Angolan state company firm Endiama owns 32.8 percent, and Brazilian group Odebrecht holding 16.4 percent.

Catoca had revenues of $527 million last year, and profits of $111 million from production of seven million carats.

Source: Facets

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