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Catoca Sees Revenue Rise in 2016
Aug 22, 2017 4:47 AM
By Rapaport News
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RAPAPORT... Catoca, which operates Angola’s largest diamond mine,
reported an increase in revenue and profit in 2016 as lower rough diamond
prices influenced stronger demand for its product.
Revenue grew 2% to $593.6 million during the year as
sales volume increased 6%, while the average price achieved by the mine declined
by the same margin, the company reported this week. The company, which is part
owned by Alrosa, did not state the average price achieved at the mine. Catoca
reported an average price of $87 per carat for 2015, which means its average
slipped to an estimated $82 per carat last year, according to Rapaport
calculations.
Sales volume grew to an estimated 7.3 million carats, from
6.9 million carats reported in 2015. Net
profit rose 16% to $134.6 million due to a change in estimates for taxes paid
the previous year, the company said.
Endiama, an Angolan state-owned enterprise, owns 32.8% 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. Earlier this year, Alrosa said it was considering
raising its stake in Catoca.
Image: Alrosa
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Tags:
Alrosa, Angola, Catoca, ENDIAMA, LL International Holding, Odebrecht Mining Services, Rapaport News, rough prices
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