Angola's Catoca Diamond Co. Targets 7M Carats in 2018, A 6% Decline

Mining and Exploration
26/01/2018 16:29

The Sociedade Mineira de Catoca (Catoca) mining company in Angola intends to mine 7 million carats of diamonds next year, said Russian CEO Sergei Amelin. In November this year, the company announced it expected to mine 8 million carats of diamonds by the end of the year (2017), so their forecast for coming year represents a 6 percent step back comparted to 2017. The information was released on Tuesday in Saurimo City, eastern Lunda Sul Province, by the company’s general director, Sergei Amelin, who did not add the expected profit for this year. According to the director, Catoca’s main exploration mine is to produce six million carats, while CATE-42, unveiled in 2017, is expected to produce one million carats of diamonds. The CATE-42 mine, which is expected to officially start operating in March, represents a reserve of around 350 million carats of diamond and an exploitation activity foreseen for 29 years, in an area of 100 hectares, being projected in 400 metres of depth.

The company is responsible for 75% of the diamond extraction in Angola. 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).