Angola has revealed that Russian shares in 2 of its major diamond mines have actually been sold to an Omani-backed fund as an outcome of international sanctions, a government official said.Russias diamond giant Alrosa was until now a joint owner of Angolas Catcoa mine, the fourth-largest on the planet, and Luele mine, in collaboration with the southern African countrys state-owned company Endiama.The European Union imposed sanctions on Alrosa, likewise state-owned, and its CEO in January as part of a ban on diamond imports over the Ukraine war.This resulted in a block on the commercialization of diamonds from Catcoa and Luele mines, Angolas Minister of Mineral Resources and Petroleum Diamantino Azevedo said Thursday.After settlements in between the Angolan and Russian federal governments, along with between Endiama and its partner, Alrosa has now officially stopped operating in Angola, Azevedo said.The company has actually been replaced by Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman, the minister added.He stated the transition procedure was currently underway and must be carried out swiftly.
The sale comes as the United States President Joe Biden was expected to take a trip to Angola on Dec.
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The see, his first to Africa, highlights the strategic value of the oil and mineral-rich country where a huge United States -led project is underway to export critical minerals.