Chitotolo Mining Company, an Angolan firm in the mining sector, forecasts gross revenue of over $160 million this year, driven by the sale of 343,000 carats of diamonds.
The information was announced this Wednesday (15) by the chairman of the diamond company’s board of directors, Artur Gonçalves, during a meeting with journalists, where he presented the company’s annual projections.
He explained that the emergence of synthetic diamonds has been putting pressure on natural diamond prices in the international market, leading the company to increase production volumes to respond to this new reality.
“This means we will be cutting reserves that were projected to last 20 years in just 10 or 15 years. This is the situation we are facing; we hope the market will change, and there isn’t much else we can do—we have to learn to deal with it,” said Artur Gonçalves.
Regarding production destinations in 2025, the company cited Botswana, Belgium, and Dubai, with 97.7% of exports going to Dubai.
For the first half of this year, the Chitotolo mining company allocated $2.8 million to social programs, reinforcing its commitment to community initiatives.
The company operates in the province of Lunda Norte, in the Nzagi region, mining alluvial deposits along the banks of the Tchiumbe River, transforming natural resources into economic and social value, and promoting sustainable, inclusive growth that is focused on the progress of local communities.
Source: Forbes África Lusófona
