Russian diamond miner Alrosa has signed an agreement with Endiama, an Angolan diamond mining company, to set up a joint venture for prospecting and exploration on diamond deposits in Angola.

The new JV will commence work at selected diamond prospecting areas in 2014. The latest deal follows a long work by ALROSA specialists to explore the geological potential of Angola.

Alrosa president Fyodor Andreev said that geological exploration in Angola is the part of the company’s long-term growth strategy.

"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."

Alrosa focuses on the exploration, mining, manufacture and sale of diamonds, with operations primarily located in the Sakha Republic/Yakutsk region.

Endiama, Angola’s state-run diamond company, is the exclusive concessionary of mining rights in diamond domain.