NA Editorial
During the 67th general assembly of members of the Catoca mining company, held last week, in Lunda-Sul, the mining company’s new production plans for the 2022-2024 three-year period, as well as the budget for the 2022 economic year, were approved. .
According to the approved plans, an increase in diamond production is expected in 2022, in the order of 7.1 percent, compared to 2021, in which 5.6 million carats are expected to be recovered by the end of the year.
In terms of invoicing, for the next year a reduction of around 5 percent is estimated, to be caused by a likely drop in the price of diamonds on the international market, of around 10.5 dollars per carat.
This year, as a result of a drop in the supply of diamonds on the international market, the price rose to 122.5 dollars per carat and, with the reestablishment of supply in 2022, it is expected that Catoca diamonds will be sold at an average price of 110 dollars per carat.
For Benedito Paulo Manuel, President of the Management Board, despite the context of great challenges caused by the pandemic, it was possible to maintain the company’s production levels and profitability, a fact that makes us proud and motivates us to continue working so that we have a company each increasingly efficient and robust, actively contributing to the economic and social development of Angola.
To make some changes to Catoca’s governance model, Endiama EP recommended holding a meeting, to take place in the first quarter of 2022. Among the topics planned for the meeting, the most notable are the extinction of the Supervisory Board and the review of SMC’s organizational structure.
Sociedade Mineira de Catoca is the fourth largest open-pit mine in the world, responsible for more than 80 percent of the country’s diamond production. With 26 years of existence, Catoca is responsible for more than 5,000 direct and indirect jobs. Its shareholder structure is made up of ENDIAMA EP and Alrosa, both with 41 percent and A LLI with 18 percent of the shares.