Luanda, Angola — 01 August 2013 – Angolan mining company Sociedade Mineira do Catoca plans to distribute all of its US$131.7 million profit achieved in 2012 to its shareholders, according to the company’s annual report and accounts, cited by Angolan weekly newspaper Expansão.

The report, quoted by Macauhub News Agency, said that state diamond company Empresa Nacional de Diamantes de Angola (Endiama) and Russian state company Almazzi Rossi – Sakha (Alrosa) would each receive US$43.2 million, LLI Holding, a subsidiary of private Israeli group Lev Leviev with headquarters in China, will receive US$23.7 million and Brazilian group Odebrecht will be paid US$21.6 million.
Catoca, which was founded in September 1993 “’ currently the world’s fifth largest diamond producer and the biggest in Angola “’ is owned in equal shares by Angolan state group Endiama and Russian state group Alrosa (32.8% each), LLI Holding owns 18% and Brazil’s Odebrecht owns the remaining 16.4%.

In 2012 the company was affected by the drop in diamond prices and its profit fell by 7% to US$131.7 million.

Last year, the report said, sales fell by around US$32 million against the previous year, to US$579 million, due to a downturn in diamond prices because of  instability in the United States and Europe and a slowdown in growth in China and India.

The rough diamond market in Angola in 2012 was worth US$922.9 million for a total of 7.8 million carats, according to Sociedade de Comercialização de Diamantes de Angola (Sodiam).

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