Catoca, in Angola produces 6.7 million carats of diamonds in 2011

Luanda, Angola, 16 Jan – Kymberlite exploration company Sociedade Mineira de Catoca (SMC) in 2011 produced around 6.7 million carats of diamonds and posted gross revenues of US$611 million, the company’s managing director said in Luanda Friday.

Cited by Angolan news agency Angop, José Manuel Ganga Júnior, speaking at the end of the Technical Days to commemorate the 31st anniversary of state diamond company Empresa Nacional de Diamantes (Endiama), said that last year the company had costs of US$300 million, operating profit of US$250 million and net profit of US4145 million, as compared to US$115 million in 2010.

According to Ganga Júnior, rise in profit in 2011 was due to a slight rise in production, of around 3 percent, alongside an upturn in diamond prices on the international market.

Diamonds extracted at Catoca are mainly exported to India and China. (macauhub)

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