Source Pravda.Ru

ALROSA to set up subsidiary in Angola

ALROSA, a Russian major diamond maker, will establish its subsidiary in Angola: this decision was made at a meeting of the company's executive board held in Mirny on December 25, 2002, the company's press service reported. The Angola-based subsidiary will be set up to coordinate the diamond maker's activities in this country and interact with foreign partners and state authorities.

In the near future ALROSA will complete the second stage of building the Catoca plant, which will boost the company's diamond output by $300-350m a year. The company will also build a power station not far from the plant and participate in the exploration of two new diamond deposits. For that the establishment of a joint venture is planned. ALROSA's investments into the new joint venture will be the company's equipment, technologies and trained staff.

As it was reported earlier, since 1997 ALROSA has been producing diamonds in Angola at one of the world's largest diamond deposits Catoca. The company currently produces $170m in diamonds annually. Apart from Russia and Angola, two other countries participate in this project - Brazil and Israel.

© &to=http://www.rbc.com' target=_blank>RBC

Comments
Moving inexorably towards war
Presidential and midterm elections in the USA change the 'American project' entirely
USA plays to pretend a mighty dragon that can no longer breathe fire
Presidential and midterm elections in the USA change the 'American project' entirely
Brexit: The UK's misunderstanding of Democracy
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Nagorno-Karabakh: 20,000 people killed, but no one is interested
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Argentina hides the truth about the death of San Juan submarine
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Putin and Erdogan launch first section of TurkStream pipeline in Istanbul
Why Trump tries to re-industrialize America
Russians lose faith in their future, get ready for worse
Theatrical posters depicting naked dancers banned in Russian provincial city
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Russians lose faith in their future, get ready for worse