Angola’s Catoca Mine Lowers Annual Revenue Forecast, Angop Says

OAO Alrosa’s Catoca diamond mine in Angola lowered its annual revenue forecast to $400 million from $500 million to $550 million, Agencia Angola Press reported, citing the director of the company’s joint venture in the country.

Jose Ganga Jr. said he revised the company’s revenue forecast after diamond sales dropped about 5 percent in the first half of the year, citing the financial crisis in Europe and the U.S., according to the Luanda-based news agency.

Catoca, a mine near the northeastern town of Saurimo, currently produces an average of 500,000 carats a month, Ganga Jr. said.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.