Angola: Catoca mining company sells US$425 million in diamonds in 2006

28 April 2008

Lunda Sul, Angola, 28 April – Sociedade Mineira de Catoca (SMC), which operates the fourth largest diamond mine in the world, in the Angolan province of Lunda Sul, in 2006 netted US$425 million from diamond sales, according to the company’s annual report and accounts, published Sunday in Lunda Sul.

Angolan news agency Angop cited the document as saying that the company posted net profit of US$108.9 million, a rise of 30.2 percent against 2005, a year in which the company posted a profit of US$83.6 million.

The report, which was presented on National Miner’s Day (27 April), showed that net profit posted was mainly driven by a 42 percent rise in diamond sales.

In taxes and revenues paid to the State the company spent US$104.887 million.

Located in the province of Lunda Sul, SMC was officially set up in September 1993.

The purpose of the company is to prospect, research, survey and mine diamonds.

Sociedade Mineira de Catoca currently has an average production capacity of 8 million carats. (macauhub)