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Wed, 15 Jan 2020 20:15 - Updated Wed, 15 Jan 2020 20:15

Endiama negotiates De Beers return

Luanda - The Angolan National Diamond Company (Endiama) is negotiating the return of De Beers to Angola and the entry of Rio Tinto, the world's largest mining companies, announced the chairman of Endiama's board of Directors, Ganga Júnior.

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Diamonds

Photo: Pedro Parente

The manager, who was speaking in an interview with the Jornal de Angola, published in its today edition acknowledged that it is important to have these companies back to support the national sector, make money, as well as raise the production.

He said it was an asset that these multinationals entered the process of privatization of Endiama.

"With De Beers, we have been talking, as it was in Angola, is an old partner and is interested in returning," he said.

On the other hand, he said that Endiama intends to join the stock market in 2022.

Being on the stock market means having absolute transparency, the accounts must be open and we cannot have management reports full of reserves," the manager acknowledged in an interview with Jornal de Angola.

There has to be transparency anyway. If this is our goal, then the problems must be solved by 2022.

He explained that the important thing is that the entry of Endiama in the stock market will not assume the loss of control by the state.

In this interview, he stated that the percentage to be released is not yet defined definitively.

But everything points to the state continuing to hold a stake of not less than 70 percent of the capital.

Regarding the company's performance, he noted that in 2017 the accounts pointed to a loss, but already in 2018 the picture was reversed and the profit was about 7 billion kwanzas, which at the time corresponded to about 22 million dollars.

For 2019, he said, the strategy was to maintain more or less this positive result line, although it was an extremely difficult year of investments of around US $ 90 million (using own funds).

"We are creating the conditions for a stronger Endiama," he said.

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