Catoca mining company seeks new diamond deposits in Angola

30 April 2014

Sociedade Mineira de Catoca (SMC) plans this year to find new diamond deposits in Angola in order to increase production and company revenues, the managing director of the company said in Saurimo, in the Angolan province of Lunda Sul.

On the sidelines of celebrations of Miners’ Day, on 27 April, Ganga Júnior told Angolan news agency Angop that there were more than seven diamond-prospecting concessions notably in the provinces of Lunda Norte and Lunda Sul, Malanje and Kwanza Sul.

By 2020, SMC plans to increase its revenues from US$600 million at the moment to around US$1.5 billion, once the mines at Txiuzo, Luaxi, Luangue and Ngango, in the provinces of Lunda Sul, Lunda Norte and Kwanza Sul start operating.

Catoca is the fourth-largest open-air kimberlite in the world, offering production of 8.3 million carats, and SMC is a partnership between Angolan state diamond company Endiama, Russian group Alrosa and Brazilian group Odebrecht. (macauhub/AO)