Catoca's 2012 Diamond Profits Divvied Up

Angolan diamond mining company Sociedade Mineira do Catoca plans to distribute all of its 2012 profit of $131.7 million to its shareholders, according to the company’s annual report and accounts, cited by Angolan weekly newspaper Expansao.

According to the report, state-owned diamond company Endiama and Russian state company Alrosa will each receive $43.2 million, while LLI Holding, a subsidiary of the firm belonging to Israeli tycoon Lev Leviev will receive $23.7 million and Brazilian group Odebrecht will receive $21.6 million.

Catoca is the biggest miner in Angola, and is owned by Endiama and Alrosa with 32.8% each, while LLI Holding owns 18% and Brazil’s Odebrecht owns the remaining 16.4%.

In 2012, the company was hit by a fall in diamond prices and its profit decreased by 7% to $131.7 million. Sales fell by around $32 million last year from 2011 to $579 million, due to a downturn in diamond prices.

Angola sold 7.8 million carats of rough diamond in 2012 with a value of $923 million, according to Angolan state diamond marketing firm Sodiam.

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