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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.
Tags: Alrosa, Angola, Catoca, ENDIAMA, mining, Rapaport News
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