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ALROSA sets up 2 subsidiaries in Angola - 10 April, 2003

The Russian diamond group ALROSA branched off two companies in Angola. The first one will develop two major diamond veins - Kamachia and Kamajiku. The company's 45 percent stock share belongs to the joint venture Escom-ALROSA, founded by ALROSA and its Portugal partner Espirito Santo. ALROSA also participates in the construction of a water power plant on the Shikapa river, sharing 55 percent of the stock. The power plant will considerably boost the mining company Catoca, another ALROSA business partner that has been working on the project for 10 years. ALROSA is ready to invest $85m in the projects this year, the Vremya Novostey newspaper reported.