Angolan Diamond Miner Catoca Targets 8M Rough Carats This Year
Mining and Exploration
The Sociedade Mineira de Catoca (Catoca) mining company in Angola intends to mine 8 million carats of diamonds by the end of the year, said Russian CEO Sergei Amelin. Macauhub reports that Amelin, who was appointed CEO in March 2015, told Angolan news agency Angop that the sale of 8 million carats will represent a revenue in excess of US$138 million. The CEO of Sociedade Mineira de Catoca, one of the companies that most contributes to Angolan State funds, said the company planned “to continue to be among the top three in the world of diamonds in terms of turnover.”
Amelin said that the market value of diamonds in the rough in Angola last year totalled $988.36 million, for a total of 8.7 million carats, leading to operating profit of $194.9 million and net profits of $134.6 million. The shareholders in Catoca, which explores the world’s fourth largest kimberlite, comprise Endiama (Empresa Nacional de Prospecção, Exploração, Lapidação e Comercialização de Diamantes de Angola), Russian group ALROSA and LL International Holding (Israeli group Lev Leviev).