12 °c
London
Saturday, February 4, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Brazil’s Odebrecht to exit Angola diamond mine, sources say

FurtherAfrica by FurtherAfrica
August 2, 2017
in Africa, Angola, Commodities, Diamond, Economy, FDI, Finance, M&A, Mining, Natural Resources, Trade
Reading Time: 2 mins read
951 19
0
Russia’s top diamond producer Alrosa starts sales of Angolan Catoca diamonds
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Odebrecht SA, the Brazilian conglomerate selling assets in the wake of a corruption scandal, has agreed to sell a 16.4 percent stake in the world’s No. 4 diamond mine to a partner, a person with direct knowledge of the transaction said on Tuesday.

According to the person, Odebrecht exited Sociedade Mineira de Catoca Lda to meet terms of a 12 billion-real (2.9 billion pounds) asset sale goal. State-run Empresa Nacional de Prospecção, Exploração, Lapidação & Comercialização de Diamantes de Angola EP, commonly known as Endiama, bought out the stake with the help of other partners in Catoca, the person added.

The deal was confirmed by another person, who said it had been approved by Endiama’s board earlier in the day to assert Angolan government control over domestic mining assets. Bankers have estimated the value of Odebrecht’s Catoca stake at $300 million, based on a valuation of $1.8 billion for the mine.

A spokesman for São Paulo-based Odebrecht declined to comment. Efforts to contact Catoca and Endiama after working hours in Luanda were unsuccessful.

Odebrecht is the largest of Brazilian engineering firms accused of colluding to overcharge Petróleo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil’s former ruling Workers Party as well as domestic and international allies.

The group, which once was Brazil’s largest private-sector employer, agreed to dispose of several assets to pay a $3.5 billion leniency accord with Brazilian, U.S. and Swiss authorities, and meet terms of a debt restructuring accord with banks.

Panama

The people spoke under condition of anonymity, because terms of the transaction remain private.

Asset sales have gained momentum as Odebrecht clinches accords with a dozen countries where it paid bribes to win contracts between 2002 and 2016. Planned divestitures like that of a 28 percent stake in Brazil’s Santo Antônio hydropower dam could be concluded within months if settlements are finalised, the first person said.

Earlier in the day, Odebrecht [ODBES.UL] agreed to pay $220 million in fines to Panama’s government. The fine included $100 million for using the banking system for illicit activities, Panama’s Attorney General Kenia Porcell said.

Odebrecht had been a partner in Catoca, which accounts for almost 80 percent of Angola’s diamond production, for over three decades, the second person said. Currently, Catoca has a pool of Russian and Chinese investors working alongside the state-controlled firm known as Endiama.

Source: Reuters

Related

Tags: AngolaBrazilCATOCAdiamondEmpresa Nacional de ProspecçãoEndiamaExploraçãoLapidação & Comercialização de Diamantes de Angola EPLuandaOdebrecht SAアンゴラ安哥拉
ScanSendShare388Tweet243Share68Pin87Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Energy

Mozambique LNG: TotalEnergies entrusts Jean-Christophe Rufin with Independent mission to assess humanitarian situation

by Rafael Carvalho
February 4, 2023
Energy

TotalEnergies leadership meet Mozambique President about key gas project

by Emmanuel Chilamphuma
February 3, 2023
Business

TradeMark East Africa rebrands to TradeMark Africa

by The Exchange
February 3, 2023
Education

Only 3% pass high school national exam in Ethiopia

by FurtherAfrica
February 3, 2023
Communications

Workonline communications establishes new point-of-presence in Nigeria

by FurtherAfrica
February 3, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Energy

Mozambique LNG: TotalEnergies entrusts Jean-Christophe Rufin with Independent mission to assess humanitarian situation

by Rafael Carvalho
February 4, 2023
0

Patrick Pouyanné, Chairman and CEO of TotalEnergies, visited the Cabo Delgado province of Mozambique to review the security and humanitarian...

Read more

TotalEnergies leadership meet Mozambique President about key gas project

February 3, 2023

TradeMark East Africa rebrands to TradeMark Africa

February 3, 2023

Only 3% pass high school national exam in Ethiopia

February 3, 2023

Workonline communications establishes new point-of-presence in Nigeria

February 3, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,392 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?