Catoca mining company, Angola sells some US$440 million in diamonds in 2009

9 September 2010

Luanda, Angola, 9 Sept – Sociedade Mineira de Catoca (SMC), which operates the fourth largest diamond mine in the world, in the Angolan province of Lunda Sul, posted net profit in 2009 of US$70 million from a revenue of US$438.7 million from diamond sales, according to the company’s Report and Accounts, published Monday in Luanda.

Cited by Angolan news agency Angop, the report also said that last year the company sold 7 million carats of diamonds at an average price of US$62.23 per carat, which accounted for around 78 percent of all sales by diamond mining companies in Angola.

The report and accounts also said that the price per carat achieved in 2009 by SMC was a rise of 16 percent against the forecasts of the company’s board.

The board said that in order to balance operations in 2009 following the crisis and resulting decline in diamond prices, the company was required to implement anti-crisis measures and to access financial markets. (macauhub)