Industry News by Nemesis

Angola’s Catoca Loses Potential Revenue of $450m Due To Economic Crisis

March 19, 2018

Sociedade Mineira da Catoca deputy director-general, António Galiano said the diamond mining company lost a potential revenue of $450 million over the last few years due to the economic and financial crisis that Angola is experiencing, according to a local news agency.
 

Angop quoted the official as saying on the sidelines of the "Revitalisation of the Rough Diamond Trading Policy" forum that Catoca was now planning to improve the operational efficiency of the mine, optimise operations at treatment plants and strictly control profits.


He said they would increase diamond reserves by prospecting for new opportunities in the country.


He said the company would also mine 400,000 tonnes of ore from May to the end of the year.
Catoca produces more than 80 percent of Angola’s total output in volume terms.


It was expected to produce 7 million carats this year from 7.4 million carats registered in 2017.
 

The projected drop in output was due to attention being focused on the launch of the Luaxe mining project, which was owned by Endiama and Alrosa. 


Luaxe was projected to record an annual output of between 8 million carats and 10 million carats.

 

Source: Rough-Polished

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