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Expects to Produce 6 Million Carats in 2022

Sociedade Mineira de Catoca, Angola's biggest mining company which is responsible for over 80 percent of diamond production in this African country and expects to place over 6 million carats of diamonds on the international market in 2022. This production represents a growth of 8 percent compared to last year, however, Catoca expects its turnover to fall by 6 percent due to the behaviour of the market, since in 2021 a carat of diamond was being sold at an average price of US$111.6 while for 2022, due to a tendency to increase supply, it is estimated that it will sell at US$110.

Benedito Paulo Manuel, the Chairman of the management board of Sociedade Mineira de Catoca noted that despite projecting a reduction in the average price of diamonds on the international market as a result of a likely greater supply of diamonds on the market, compared to last year, "our expectations for 2022 are good, so we believe that by the end of the year we will have obtained financial results above those projected," he said.

The context of the Covid-19 pandemic has brought great challenges to the world economy, especially to countries that are highly dependent on other markets, in terms of raw materials and equipment essential to their business. In Angola, especially for Sociedade Mineira de Catoca, the pandemic exposed how important it is that supply chains are closer to large centres of consumption, and in the case of the diamond sub-sector, considering Angola's potential, "we believe there is a great opportunity for clusters in the diamond production chain, from specialised service providers to suppliers of large equipment".

According to Benedito Paulo Manuel, there is a market for players in this subsector, a market with a great tendency to expand due to other mining projects that are emerging and will emerge in the next few years. In the case of Catoca, when purchasing services or products, the preference remains for companies that are in Angola, for reasons that we believe are understandable, considering that the costs tend to be economically more viable, meeting the needs tends to be of higher quality and, not least, it is an organisation that oxygenates the national economy, generating jobs, taxes and generating knowledge to the nationals.


With 27 years of existence, Sociedade Mineira de Catoca today employs, directly and indirectly, over 5,000 people, guaranteeing income for these more than 5,000 families, making it the largest private economic agent in Eastern Angola, a region which includes the Provinces of Lunda- Sul, Lunda-Norte and Moxico. Today, the company is a major contributor to the country's economy, positioning itself as one of the main sources of foreign currency for Angola. To maintain its activity, more than 100 companies, including small, medium and large, provide services to Sociedade Mineira de Catoca, meeting its needs for goods and services.

In addition to the positive impact resulting from good practices in carrying out its activity, Sociedade Mineira de Catoca is strongly committed to the development of the communities living around its mine, proof of which is that its 27 years of existence are mixed with a history of social responsibility, with actions in the areas of education, health, combating hunger and poverty, fostering entrepreneurship, youth and sports, a fact that has made it the largest private partner to Government in the East Angola.

"We are proud of the fact that we are the largest producer of diamonds in Angola, but we are much prouder of the fact that we are transforming natural resources into wealth for the country, making a positive impact on the lives of thousands of people with the opportunities generated as a result of our activity and our social programmes" Benedito Paulo Manuel. As a way to further contribute to the development of the communities, at the level of the aforementioned region, the Catoca Mining Society has recently created four strategic social programmes, namely, Catoca Pupil, Catoca Young Entrepreneur, Catoca Academic and Catoca Rural Woman. These programmes are impacting positively on people, creating new prospects for their lives.

Catoca Student Programme: This is a programme designed to support young students to continue their studies at degree, master's and doctoral (PhD) levels, both within and outside the country, so that they may effectively complete their training successfully and contribute towards the economic and social development of the country. In short, it is a partial scholarship, a financial contribution to support the payment of training expenses. It is expected to benefit 260 young students.

Catoca Pupil Programme: This is a programme that has the objective of contributing towards the eradication of school drop-outs, creating conditions so that children who are attending school may conclude it with satisfactory results. In a first phase, this programme will consist of direct support to reception centres, supporting students with the conditions for study, accommodation and food. It is expected to benefit more than 1,500 children.

Rural Women's Credit Catoca: This programme is also an opportunity for rural women to formalise their activity, benefiting from all the incentives inherent in the different programmes to promote agriculture, as well as banks and other organisations. Besides micro-credit, this programme contemplates a set of training courses in matters related to agricultural productivity, entrepreneurship and financial education. It will benefit 1,600 women.

Young Entrepreneur Catoca: Is a financing package aimed at supporting young people with entrepreneurial initiatives, as well as raising the interest of others, in order to influence the creation of self-employment through income generating initiatives, contributing to the creation of products and services essential to the market, as well as increasing the levels of employability in the Provinces of Lunda-Sul, Lunda-Norte and Moxico. Each year it will benefit a total of 60 young entrepreneurs.

About Sociedade Mineira De Catoca:

Located in Lunda-Sul Province, the Sociedade Mineira de Catoca is the fourth largest open pit mine in the world, responsible for over 80% of the country's diamond production. Today, with 27 years of existence, Catoca is the company that generates the most jobs in the private sector in the Eastern of Angola, with more than 5,000 direct and indirect jobs, a number that could rise with the beginning of exploration in other projects, planned for the next few years. The company is headed by Bendito Paulo Manuel, an Angolan citizen with a degree in Civil Engineering from ISECK/Ukraine, a Master's Degree in Metallic Structures from AEEUK/KHARKOV, a Master's Degree in Cement Engineering from CEDEX/Madrid and a Master's Degree in Technical Sciences.He also holds a Master's degree in Geotechnics, Madrid, a Graduation in Business Administration, AIEC, Brazil, PhD in Technological Management and a Degree in Theology.