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Raw Materials

Endiama and Al Rosa make official acquisition of 16.4 percent of Wargan in Sociedade Mineira de Catoca

Angola's National Diamond Company (Endiama) and Russian diamond company Al Rosa have formalized the acquisition of Wargan's 16.4 percent stake in Sociedade Mineira de Catoca, both raising its stake to 41 percent, it was announced last Friday.


According to a note from the Angolan diamond company, with the cessation of 16.4 percent of shares in Wargan, Endiama and Al Rosa will have 41 percent stakes in Sociedade Mineira de Catoca, with LL International maintaining the its 18 percent stake.

The process of acquiring Wargan's shares was announced on January 21 of this year by the administrator for Geology and Mining Development at Endiama, Ana Feijó.

At the time, Ana Feijó said that around 70 million dollars were paid to Wargan, with the company's equity.

"The main objective of these actions is to reinforce the role of Endiama, as an operating company. We will no longer be concessionaires and will become a company that will not only manage shareholdings, but assume its fundamental role, its core business', which is prospecting, production, ore treatment, cutting and marketing", she highlighted.

Ana Feijó stressed that these actions will promote increased production, greater profitability, increased income and, consequently, the improvement of workers' lives.

Three years ago, Lusa reported that the President, João Lourenço, signed the deal to sell Odebrecht's 16.4 percent stake in Brazil's corruption scandal in Sociedade Mineira de Catoca, which operates the fourth-largest diamond mine the open air of the world.

The deal had been agreed by mine partners in eastern Angola in August 2017 and was enacted by presidential decree on January 4, 2018.

The document stated that the participation of the Brazilian group, through its branch in Germany, Odebrecht Mining Services Investments GmbH, was sold in favor of the company Wargan Holdings, which in turn is 100 percent owned by the Russians of Al Rosa PJSC, operating in Catoca.

The decree further defined that Wargan Holding would dispose of the same 16.4 percent stake to Al Rosa and Endiama, "in accordance with the specific terms of commitment agreed to that effect" in equal shares of 8.2 percent.

With the deal, Sociedade Mineira de Catoca now has a shareholder structure led by Al Rosa and Endiama, both with a 41 percent stake, while the Chinese of LL International Holding BV will maintain 18 percent.

In the presidential decree of January 4, 2018, it was stated that Odebrecht Angola "completed fully the defined purpose of taking the Sociedade Mineira de Catoca Limitada together with Endiama EP and the other shareholders to operational maturity", but that it "has manifested the intention to divest its share" to "focus on its infrastructure projects".

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