Omani fund replaces Russia's Alrosa in Angolan diamond miner Catoca

Asubsidiary of Oman's sovereign wealth fund has replaced sanctions-hit Russian firm Alrosa as a shareholder in Angola's state-controlled diamond miner Catoca, according to the shareholder structure on Catoca's website.

Angola had been under pressure to cease its long-standing partnership with the Russian state-controlled Alrosa, the world's largest producer of rough diamonds by volume, since 2022 when the West imposed sanctions on Alrosa for Moscow's role in the conflict in Ukraine.

Catoca's shareholder structure showed that Endiama EP, Angola's national diamond company, owns 59% of Catoca, with Taadeen holding the remaining 41%, which used to be held by Alrosa.

The Oman Investment Authority did not immediately respond to a request for comment. Alrosa confirmed that it had exited the shareholding but provided no further details.

Angola's Ministry of Mineral Resources, Oil and Gas, said the deal had been formalised on May 26.

In November, Angola said having sanctions-hit Alrosa as a shareholder in the Angolan diamond miner was affecting "Angola's credibility in the international diamond market".