Advanced Search

Catoca Sales Fall as Rough Prices Slide

Oct 30, 2016 11:54 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
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.
Tags: Alrosa, Angola, Catoca, ENDIAMA, mining, Rapaport News
Similar Articles
Rio TintoRio Tinto Output Falls Amid Lower Grades
Oct 17, 2019
Lower mining grades and reduced ore availability contributed to a drop in Rio Tinto’s third-quarter diamond production,
AlrosaAlrosa Finds Diamond Inside a Diamond
Oct 06, 2019
Alrosa has recovered an unusual piece of rough featuring one diamond encased inside another, in a style similar
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.