Mining

Angola: Odebrecht sells its interest in SMC for $140 million

Thursday, 18 January 2018 16:13

(Ecofin Agency) - Odebrecht group, via its subsidiary Odebrecht Mining Service Investments GmbH, accepted to sell its 16.4% interest in Catoca mining company (SMC) for $140 million.

SMC operates the Catoca project, the fourth largest open pit diamond mine in the world, in Lunda Sul province, Angola.

According to details reported by Macauhub, the interest of concern will first be sold to Wargan Holdings, fully owned by Alrosa, partner on the project. It will then be shared into two 8.2% stakes that will go to Alrosa and Endima, Angola’s public diamond company.

The transaction, which has been approved by President João Lourenço will be concluded in February or March.

Once it is, both companies (Alrosa and Endiama) will each hold 41% interest in SMC. The 18% that remains will be owned by LL International Holding BV.

Louis-Nino Kansoun

 
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