Alrosa gets $37 mln dividends from Catoca in 2011
MOSCOW. May 17. (Interfax) - Alrosa (RTS: ALRS received 1.081 billion rubles ($37 million at the average rate) dividends from Angola-based Catoca Mining Company in 2011, up 4% from 1.038 billion rubles in 2010, the Russian diamond miner said in a financial report.
Catoca owned Alrosa 126 million rubles on dividends as of the end of 2011. Forex translation gains related to the Catoca dividends were 171 million rubles in 2011 (66 million rubles in 2010).
Alrosa owns 2.8% of Catoca Mining Company, which raised output 3% to 6.7 million carats in 2011. Net profit grew 26% to $145 million and operating profit was $250 million. Catoca exports most of its diamonds to India and China.
Catoca's diamond reserves are an estimated 140 million carats. Its other shareholders are Angola's state-owned Endiama (32.8%), China's Sonangol (18%) and Brazil's Odebrecht (16.4%).
