General Meeting of Founding Members of Catoca Ltd.

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On April 12, 2001, the 46th annual General Meeting of founding members of Catoca Ltd. was held. ALROSA President Fedor Andreev took part in the Meeting on behalf of the Company.

The Meeting discussed the following issues: 2010 operating results, current budget performance in 2011, and work program for entering new concessions.

As a result of 2010, Catoca sold rough diamonds for more than USD527 million. Its net profit was over USD111 million. The founding members approved audited reports of the company and its dividend distribution. The General Meeting mentioned price growth on Catoca products as a positive factor, as well as successful work of company managers aimed at increasing its 2010 income, as compared to the planned targets.

The founding members took note of information about Catoca budget performance in 2011. The directors of the company pursue a strategy aimed at cost reduction, enhanced efficiency and increased profit from operations.

A 2011–2012 work program was presented to the Meeting for Catoca’s involvement in 7 new concessions in the territory of Angola. The program is aimed at diversifying the mineral basis of the company, with regard to the global tendency of depletion in prospected diamond resources.

REFERENCE:

Catoca Ltd. mining company was founded in Angola in 1993. Founders: ALROSA, ENDIAMA (Angola), LL International B.V. (Israel), Odebrecht Mining Services, Inc. (Brasil).

This page was last updated on 13 April 2011 at 13.45