Africa Mining: Angolan mining company intends to extract 8 million carats of diamonds this year

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Angolan diamonds

The Sociedade Mineira de Catoca mining company intends, by the end of the year, to mine 8 million carats of diamonds, said the chief executive of the Angolan company, Russia’s Sergei Amelin.

Amelin, who was appointed CEO in March 2015, told Angolan news agency Angop that the sale of 8 million carats will represent a revenue in excess of US$138 million.

The CEO of Sociedade Mineira de Catoca, one of the companies that most contributes to Angolan State funds, said the company planned “to continue to be among the top three in the world of diamonds in terms of turnover.”

Amelin said that the market value of diamonds in the rough in Angola last year totalled US$988.36 million, for a total of 8.7 million carats, leading to operating profit of US$194.9 million and net profit of US$134.6 million.

Sociedade Mineira de Catoca, which explores the world’s fourth largest kymberlite, has as its shareholders the Empresa Nacional de Prospecção, Exploração, Lapidação e Comercialização de Diamantes de Angola (Endiama), Russian group Alrosa and LL International Holding (Israeli group Lev Leviev). (source: macauhub)

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