ALROSA and Angolan diamond mining company ENDIAMA E.P. signed an agreement on establishing a joint venture for prospecting and exploration on diamond deposits in the Republic of Angola.

The official signing ceremony took place on 20 June in Luanda. The document was signed by mr. Antonio Carlos Sumbula, president of ENDIAMA E.P., and by ALROSA president Fyodor Andreev.

“ALROSA has been a strategic partner of ALROSA for many years. Cooperation between ALROSA and ENDIAMA is a successful 20 years story of development of the Catoca diamond mine which accounts for 6% of world diamond production. In addition to the success on existing operations we see further potential for our mutual cooperation in the years to come. We believe that huge geological upside is possible in Angola and the probability of new findings is high. Geological exploration in Angola is the part of ALROSA long-term growth strategy”, said Fyodor Andreev during the ceremony.

Signing an agreement was preceded by a long work of ALROSA specialists to explore the geological potential of Angola. New joint venture will start works at chosen diamond prospecting areas in 2014.