Alrosa terminates 41% stake in Angolan Catoca

 

Under the IFRS Alrosa gains almost 11% net profit in the 1H  

The net profit of Alrosa under the International Financial Reporting Standards (IFRS) gained almost 11% during the first six months of 2025 and totaled 40.6 bln rubles ($509.1 mln), the Russian diamond miner said in its report.  

Revenues from sales plummeted 25% to 134.3 bln rubles ($1.7 bln). The pre-tax profit ticked up by 0.3% in the reporting period to 46 bln rubles ($576.8 mln). The raw diamonds estimate of the company contracted to 115.9 bln rubles ($1.45 bln) in money value. Total reserves of the company in value terms added 1.4% to 234.2 bln rubles ($2.93 bln).

In the row, Alrosa said about Angolan Catoca project, Alrosa's share in the Catoca project was transferred to Taadeen company. Russia’s diamond producer Alrosa has received 15.9 billion rubles ($199 mln) for its stake in the Angolan Catoca project, according to a report by the Russian company.  

"The consideration for a 41% stake in the authorized capital of the Sociedade Mineira de Catoca was 15,942 million rubles ($199 mln), income from the sale in the amount of 6,747 million rubles ($84.4 mln) was reflected in other operating income, income from the assignment of rights to claim receivables for dividends in the amount of 19,019 million rubles ($238 mln) was also reflected in other operating income," the report says.  

Alrosa decided to terminate its participation in the Angolan assets - 41% in Catoca and 55% in the subsidiary Hydro Chicapa - in December 2024. The deal was completed at the end of May 2025, the amount of consideration for the deal was received in cash in May. Earlier, Deputy Minister of Finance Alexey Moiseyev called the deal on Alrosa's exit from the Catoca project good for the company.  

Alrosa's share in the Catoca project was transferred to Taadeen company (a subsidiary of the Sovereign Wealth Fund of Oman). Now, according to data published on the company's website, 59% belongs to the Angolan state-owned company Endiama, 41% of the company belongs to Taadeen.  

Alrosa started operations in Angola in 1992. Catoca is the largest kimberlite pipe in Angola and the world’s fourth-biggest diamond mine in terms of reserves and diamond output (located in the northeast of the country). Every year around 6.8 mln carats of diamonds are mined there.