HomeDiamonds & GemstonesAngolan company produces 10.5Mcts of diamonds a year

Angolan company produces 10.5Mcts of diamonds a year

The Catoca diamond
mining project in
the Luanda Sul
province of Angola
Saurimo, Angola — 30 July 2012 – Angolan diamond mining company Sociedade Mineira de Catoca (SMC) reports that it has an average annual diamond production of 10.5Mcts, which means an average monthly production of 875,000cts.    

Confirming this during a ceremony to grant mining licences for artisanal diamond exploration, company managing director Ganga Júnior told Macauhub News Agency that annual revenues varied between US$500 and US$550 million, but added that due to a 5% drop in production in the first half of this year, the figure would not exceed US$400 million for 2012.

Referring to the sale of diamonds, Júnior said that the situation had been negatively affected because the market in Europe and the United States was currently in the midst of a crisis.

He went on to say that the company was currently exploring two other concessions in Lunda Norte province and a third in Kwanza Sul to assess if their reserves were commercially viable.

Source: Macauhub News Agency. For more information, click here.