Brazil's Odebrecht SA agreed to off-load its 16.4% stake in an Angolan diamond mine to partners as it seeks to raise 12 billion Brazilian reais cash by the end of 2018, Reuters reported Aug. 2, citing sources with knowledge of the transaction.
The Brazilian conglomerate has exited the subsidiary company Catoca by selling its stake, valued at about US$300 million, to joint venture partner Endiama EP, the national diamond company of Angola.
Catoca owns Angola's largest diamond deposit, Luaxe, which has an estimated value of US$35 billion. Shareholders include Russia's PJSC Alrosa, which owns a 32.8% stake.
As of Aug. 1, US$1 was equivalent to 3.12 Brazilian reais.