The Angola-Russia joint committee discussed, the mechanisms for repatriating dividends from the Russian company, Alrosa, within the framework of its participation in Sociedade Mineira de Catoca (SMC). Alrosa controls 32.8% of the Catoca diamond mine, but has been under international sanction since the Russian Federation’s invasion of Ukraine, a factor that caused the company’s legal interruption in Angola.
According to the director of the exchange office of the Ministry of Mineral Resources and Oil and Gas (MIREMPET), Luís António, the meeting served for the parties to discuss continuity and solutions for repatriation of dividends amounting to US$185 million.
“The parties are analyzing the best mechanisms to carry out the repatriation of dividends, taking into account the sanctions regimes to which the Russian company is subject internationally”, he explained. These dividends, explains the director of MIREMPET, are the result of the financial year 2021 and 2022, respectively, and correspond to 100 and 85 million dollars.
According to Luís António, during the conversations in a mixed, face-to-face and virtual format, some proposals were presented by the parties, framed under the perspective of sanctions, but which did not produce definitive results, and other meetings will be held.
“This meeting did not produce definitive results, so the technical groups will continue to hold meetings to reach a solution that satisfies both parties, within Angola’s good faith”, asserted the official.
On the other hand, the director of the exchange, emphasized that the important thing is to find mechanisms to continue the diamond activity of Catoca, which is one of the biggest projects in the world underway. The departure of Alrosa does not imply any constraint on the project in the progress of exploration diamond,” he concluded.
The meeting, according to the official, addressed the continuation of the participation of the Russian company Alrosa in Sociedade Mineira de Catoca and also discussed the modalities of payment of Alrosa’s dividends, specifically the dividends for the years 2021 and 2022.
The parties are analyzing the best mechanisms to carry out this repatriation, taking into account the sanction regimes to which the company is subject internationally.
The important thing is to find mechanisms to continue the diamond activity in Catoca, because this is one of the biggest projects underway, therefore, reinforces the person in charge, that the departure of Alrosa does not imply any constraint on the project in the progress of diamond exploration.
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