Ver Angola

Raw Materials

Endiama earned 1.3 billion in 2019, up 10 percent from a year earlier

The Angolan National Diamond Company (Endiama) invoiced about $ 1.3 billion in 2019, up 10 percent from a year earlier, benefiting from the trading of stocks that offset the lower average price.

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The data were released at a press conference by the chairman of the state diamond's board of directors, José Manuel Ganga Júnior, who conveyed his ambition to place Endiama among the world's three largest diamond producers, alongside Russian Alrosa and De Beers, highlighting Angola's strong mineral resource potential.

“We need to find and find them,” he said, stating that Endiama is working on defining the strategic and business plan by 2022.

He said the studies point to annual growth in demand for diamonds, but that the executive's goals "are quite challenging" in a scenario of falling prices.

In 2019, there was a 7 percent reduction in the average price of diamonds, which fell by 20 percent in some mines, "particularly those where diamonds are not that jewel", he said.

In 2019, industrial production recovered 9,086,659.54 carats, falling 4.8 percent below expected production.

Sales reached 1263 million dollars, representing a 10 percent increase in marketed production that resulted in additional revenue of 34.7 million dollars over the previous year.

By 2020, Endiama expects to increase revenues to 1658 million dollars and exceed 2 billion dollars by 2022.

With a liability estimated at 525 million dollars, Ganga Júnior said the company's debt is being analyzed on a case-by-case basis, considering that this is a “dynamic issue” whose value is not closed because not all results directly from the company.

"Endiama's direct liability debt will be less than 50 million dollars," he estimated, adding that the liability is being re-analyzed and that the company is defining the best forms of sanitation, as appropriate.

Endiama has 79 mining concessions, two of which are in the international public tender phase.

About 12,200 workers are currently employed in the mining sub-sector, of which almost 500 belong to the diamond industry, which has 12 prospecting projects underway, seven for kimberlite (rock containing diamonds) and 13 secondary ones.