Angolan diamond company Sociedade Mineira de Catoca posts profit of 1.3 billion kwanzas in 2012

6 August 2013

Angolan diamond mining company, Sociedade Mineira do Catoca, in 2012 posted profit of 1.3 billion kwanzas, or 7 percent less than the 1.41 billion kwanzas posted in 2011, newspaper Jornal de Angola reported.

The 2012 annual report and accounts for Sociedade Mineira do Catoca noted that the company’s sales in 2012 totalled 57.9 billion kwanzas, or 3.2 billion kwanzas less than in 2011, as a result of a drop in diamond prices.

The profit will be distributed between shareholders Endiama and Russian company Almazzi Rossi – Sakha (Alrosa), which will each receive 4.32 billion kwanzas whilst LLI Holding, a subsidiary of private Israeli group Lev Leviev , will receive 2.37 billion kwanzas and Brazilian group Odebrecht will receive 2.16 billion kwanzas.

Catoca, which was founded in September 1993 is currently the world’s fifth largest diamond producer and the biggest in Angola, is owned in equal stakes by Angolan state group Endiama and Russian state group Alrosa (32.8 percent each), LLI Holding owns 18 percent and Brazil’s Odebrecht owns the remaining 16.4 percent. (macauhub)