Angola Commodities Coronavirus Diamond Mining

Angola Catoca shuts down diamond processing factory

The Catoca Mining Society closed one of its diamond processing factories and suspended the prospecting work in other concessions, as crisis management measures, due to the covid-19, according to a note from this diamond explorer.

Likewise, the report states that the Mining Society readjusted the volumes of the production plans with the postponement of some investments and the better monitoring and reduction of the main expenses and inputs used in the production process, such as energy, water, fuel and material used in the emulsion process.

The measures, figured into greater attention, with a view to reducing costs, include spare parts and the suspension of new contracts, at a time when the international diamond markets are closed, as a result of the covid-19 pandemic.

Therefore, at this point, the statement said that the “diamonds are not bought or sold, and as a result, the companies in this sub-sector have stopped earning revenue, like India, Angola’s largest diamond cutter, which is in a stagnant market, with large cut and raw stocks”.

According to the Catoca document, with the State of Emergency, decreed in almost all countries, there were some restrictions, such as the closure of some factories and the difficulty of exporting goods unrelated to combating and preventing covid-19, food and other specific goods.

Source: Angop

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