SMC plans to produce 104 million carats of diamonds by 2037

  • Diamonds from Angola
Dundo - The Catoca Mining Society (SMC), Angola's fourth largest diamond company and the fourth in the world to produce in the open air, plans to produce 104 million carats of diamonds by 2037, in an approved reserve of 138 million tons of ore.

 

Analysing the current scenario for the diamond sub-sector amid the Covid-19, the general director of SMC, Benedito Manuel, said that if the prospects were met Catoca could net US$9.3 billion, if the market price was around US$90 per carat.

 

At that price, the company located in Saurimo, Lunda Sul province, will contribute in the State General Budget until 2037 with US$585 million in industrial tax and US$1billion in tax revenues, in the current scenario.

 

In percentage terms, in relation to tax revenues, for the current scenario where 11.4% is forecast, the figures point to a 3% reduction compared to 2017 (15.6%), 2018 (15.1%) and 2019 (14.5%).

 

He justified that the tax margins are expected to be reduced in this period (2020-2037) in view of the deepening of the mine and the use of drilling and detonation work for the removal of waste rock and extraction of the ore.

 

 

 

 

 

Analysing the current scenario for the diamond sub-sector amid the Covid-19, the general director of SMC, Benedito Manuel, said that if the prospects were met Catoca could net US$9.3 billion, if the market price was around US$90 per carat.

 

At that price, the company located in Saurimo, Lunda Sul province, will contribute in the State General Budget until 2037 with US$585 million in industrial tax and US$1billion in tax revenues, in the current scenario.

 

In percentage terms, in relation to tax revenues, for the current scenario where 11.4% is forecast, the figures point to a 3% reduction compared to 2017 (15.6%), 2018 (15.1%) and 2019 (14.5%).

 

He justified that the tax margins are expected to be reduced in this period (2020-2037) in view of the deepening of the mine and the use of drilling and detonation work for the removal of waste rock and extraction of the ore.