Angola: Catoca Expects to Reduce Tax Contribution This Year

Luanda — Catoca Mining Society expects to close the year down, contributing by the end of the current financial year, with about USD 90 million to the state coffer, below USD 217 million in 2018.

The mining company forecasts a turnover at the end of this year, estimated at US D700 million, a value lower than the collected in 2018, whose amount is not specified in the statement of diamond company to which Angop had access on Wednesday.

According to the document, from the II Extended Board of Directors of this company, the reduction in invoicing expected this year was influenced by the fall in the price of diamond in the international market, around 26%, a percentage that remains since October last year.

"This month's meeting in Saurimo is an opportunity to analyze the company's internal life, as well as its position in the international market, with a view to preparing it for the challenges of the mining sector worldwide", read the note.

The document adds that as a result of "diligent management, the numbers achieved exceed the initial forecasts. This is because the fall in the price of diamond was offset by the increase in production. "

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