Luanda: ALROSA will develop the new Luaxe diamond deposit in Angola. During the visit of the Russian official delegation on May 23, 2017, the President of ALROSA Sergey Ivanov and the president of the Angola’s national diamond-mining company Endiama Carlos Sumbula signed respective documents on the establishment of the international enterprise Luaxe.

Companies signed three documents: a memorandum of understanding, the international investment contract on Luaxe, and a notarial record of the establishment of the enterprise.

Russian Deputy Prime Minister Yury Trutnev, who also took part in the visit, stressed that cooperation in diamond mining, and in particular between ALROSA and Endiama, is an important component of economic efforts between Russia and Angola. He also noted that the development of new projects, active geological study and the search for new deposits positively affect the development of Angola’s economy and the partnership of the two countries.

In 2013, the geological study at Luaxe resulted in the discovery of the Luele kimberlite pipe. ALROSA will participate in the project through its Katoka subsidiary, which will receive a 50.5% stake in the new firm. In addition, ALROSA will soon issue an offer to the Company’s Supervisory Board for the direct purchase of another 8% of the Luaxe.

Taking into account the size of the ore body and preliminary geological data, the testing of the Luele pipe is of considerable economic interest for the project participants.