Angola: Catoca Mining Society Turns Over U.S.$500 Million

Saurimo — The Catoca Mining Society (SMC) generated a net profit of U.S.$500 million in 2011, as a result of the sale of 6.7 million carat of diamond, Angop learned Wednesday from the company's director, José Ganga Junior.

The official who was speaking on the occasion of the National Mine Worker Day, April 27, said the company will continue to carry out new Kimberlite exploration projects.

He also said that under its social responsibility, SMC will provide this year about U.S.$5.0 million for the social sector, health and sustainable development in eastern Lunda Sul province's capital city, Saurimo.

Ganga Júnior said the company is working to implement this year the social compound, construction of schools and hospitals in four nearby wards and will continue to support programmes already in progress.

The official also said that the company, together with the local Government is working on a farming and fish growing project.

SMC is an Angolan company that deals in prospecting, exploration, recovery and trade of diamonds. It has as its shareholders Endiama, Odebrecht, Alrosa and Daumonty.

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