Endiama plans to increase diamonds carats output

 Luanda - Angola diamond company (ENDIAMA E.P) plans to increase its carats production to 12 million in 2023 to surpass the 9 million carats it produced in 2022, its CEO Ganga Júnior, said Thursday.

Ganga said that to achieve the expected goal, the company will need to improve the production structure of the mines already operating and launch new exploration projects. 

 

The ENDIAMA CEO, who was speaking on the sidelines of a working visit paid by officials of the Institute for Management of State Assets and Participation (IGAPE), said the transformation of small cooperatives into industrial activities is another challenge for 2023.

 

In terms of results obtained over the last five years, Ganga said in 2017 Endiama reported a loss of nearly 3.5 million US dollars, a scenario that has been improving substantially, taking into account that in 2021 it reached profits close to 80 million US dollars.

 

He explained that the profits were the result  of improved production and diamond sale, which made it possible to reach an annual 2 billion US dollars turnover in 2022, as compared to approximately 1 billion US dollars reached in 2018.

 

Ganga considered the implementation of the database on the country's diamond production an innovation that will make it possible to maximize the value chain of this mineral and increasingly improve the performance of producing companies and buyers.

 

However, the ENDIAMA CEO mentioned that it is a new process that requires a change in the current marketing policy, as it is a new institution and with little presence in countries producing this mineral.

 

Raimundo Santa Rosa, IGAPE director, on his turn, said there have been satisfactory improvements in Endiama's accounts compared to the previous period, after it sorted out almost all the company's reserves or liabilities.

 

Despite this, the official pointed out the definition and separation of the company’s core business as well as the consolidation of the accounts of its subsidiaries as the main challenges that Endiama needs to overcome in the near future.

 

"We see that Endiama has a set of activities that are not part of its core business, a fact that makes it difficult to clarify to the businesspersons interested in investing in this subsector, for example," Rosa said.

 

In relation to the privatisation of Endiama and Sonangol, the IGAPE director said the process of the two public companies is currently being prepared, which involves reorganizing them and adjusting their accounts to international standards.

 

Founded on January 15, 1981, Endiama is a national company dedicated to prospecting, exploiting and marketing diamonds.

 

It operates in Portugal as an exclusive operator and concessionaire in the management of the value chain of the diamond sub-sector.