Angola: Catoca mining company posts revenue of US$450 million in 2006

19 June 2008

Luanda, Angola, 19 June – Angola’s Sociedade MIneira de Catoca (SMC) this year expects to post turnover in excess of the US$425 million posted in 2006 from its diamond sales, company official, Pedro Daniel Capumba said Wednesday in Luanda.

Speaking to Angolan news agency Angop on the sidelines of the opening session of the 2nd International Angolan Mining Fair (FIMA) Capumba said that in 2006, SMC posted profit of US$108.9 million, or 31 percent more than the US$83.6 million posted a year earlier.

In the same year, the company paid US$104.887 million in taxes and contributions to the State.

SMC, which is located in the province of Lunda Sul, was set up on 16 September 1993, with the business aim of prospecting, exploration, processing and sale of diamonds from the kimberlitic seams in Catoca.

SMC is a partnership between the national diamond company Endiama, Russia’s Almazzi Rossi Sakha, Israel’s Daumonty Financing and Brazil’s Odebrecht Mining.

FIMA, an event which began Wednesday in Luanda, is attended by 130 companies, which will display their potential until Sunday. The fair includes exhibits from the jewellery industry, which is displaying many of its diamond-based creations. (macauhub)