Angolan mining company Mineira de Catoca produces 10.5 million carats of diamonds per year

27 July 2012

Angolan diamond mining company Sociedade Mineira de Catoca (SMC) has average annual diamond production of 10.5 million carats, which implies average monthly production of 875,000 carats per month, the company’s managing director, Ganga Júnior said Wednesday in Saurimo, Lunda Sul province.

At the end of the ceremony to grant mining licenses for artisanal diamond exploration, Ganga Júnior also said that annual revenues varied from US$500 million to US$550 million, but added that due to a 5 percent drop in production in the first half of this year, that figure would not exceed US$400 million this year.

Referring to the sale of diamonds, Júnior said that the situation was not current good in that Europe and the United States, the world’s main consumers of diamonds, were in the depths of an unprecedented crisis.

The company’s managing director said that the company was currently operating two concession in Lunda Norte province and a third in Kwanza Sul to assess if their reserves are commercially viable. (macauhub)