ALROSA and Angola’s state-owned Endiama, which jointly own the Catoca Ltd. Mining Co. that is engaged in diamond mining in Angola, have agreed on a corporate governance document that among other things, will ensure that the joint-venture company’s chief executive and the chief financial officer will be appointed by rotation from the two shareholders, with parity in the appointments.
The agreement also establishes supervisory and fiscal councils which have the authority to control, approve and finalise contracts. A supervisory board will also have the right to approve executive directors for the JV.
An ALROSA delegation, including company CEO Sergey Ivanov and Deputy CEO Vladimir Marchenko, also visited the Lunda Sul province which holds Angola’s major diamond deposits and met the province’s Governor Daniel Neto.
During the visit, participants discussed the status of the development of the Luaxe diamond project being developed by the JV and the prospects of potential cooperation with Endiama in the context of other concessions.
"Catoca will conduct its operations in accordance with the best and internationally recognised corporate governance practices. This will definitely improve the quality of work on current and future projects, including the Luaxe project, making it more transparent and efficient,” Ivanov said.