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Catoca 2009 Revenues Expected to Total $300 M

March 11, 09 by Edahn Golan

The Catoca diamond mine in Angola is expected to generate a $12.8 million profit in 2009, compared to $104 million in 2008, local press reported. Mine operators Sociedade Mineira de Catoca (SMC) project 2008 net profit to rise to $460 million.

 

Catoca’s turnover is expected to total $305 million, net sales $281 million, operating costs are estimated at $252 million and projected operating profit $21 million, Expansao reported.

 

The diamond mine shareholders are state diamond company Endiama LP, Alrosa, Lev Leviev and Brazilian conglomerate Odebrecht.

 

According to Endiama’s Marketing and Communications Director, Sebastiao Panzo, Angola’s diamond industry is close to shutting down and needs government intervention.

 

According to state-owned news agency Angop, ten of the 14 diamond operations in Angola’s Lunda Sul region are closing down. Catoca is among the four operations to remain open.

 

According to state owned news agency Angop, ten of the 14 diamond operations in Angola’s Lunda Sul region are closing down. Catoca is among the four open operations.

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