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Catoca Sales Fall as Rough Prices Slide
Oct 30, 2016 11:54 AM
By Rapaport News
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RAPAPORT... Catoca, which operates Angola’s largest
diamond mine, reported revenue declined last year because of a sharp decline in
rough prices that outweighed higher sales volumes.
Revenue fell 3.5 percent to $582 million in
2015 as the average price slumped 11 percent to $87 per carat, Catoca said.
Sales volume increased 3.5 percent to 6.9 million carats, while production
from the mine increased 4.2 percent to 6.7 million carats.
The diamond market was negatively affected
by the economic slowdown in China and
the appreciation of the U.S. dollar, as well as lower polished demand that in
turn damaged rough demand, the miner said. Net profit was $126.8 million.
Endiama, an Angolan state-owned enterprise,
owns 32.8 percent of the Catoca mine, with Russia’s ALROSA holding the same
percentage. Chinese-owned LL International Holding and Brazil-based
Odebrecht Mining Services own the rest.
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Tags:
Alrosa, Angola, Catoca, ENDIAMA, mining, Rapaport News
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