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Sociedade Mineira do Cuango doubles turnover

Sociedade Mineira do Cuango doubles turnover

Mining Society, Sociedade Mineira do Cuango (SMC) has doubled its turn over with the sale of 23,000 carats of diamonds, in February this year, to US $12 million compared to the same period in 2020.

The turnover represents a 50% increase of US $6 million dollars (50%) for the company’s financial capital, compared to the same period (February 2020), which registered US $6.7 million resulting from the sale of 19,000 carats.

Management Board of SMC, Hélder Carlos acknowledged the the increase in current production and turnover are the result of the operational “reengineering” and the redefinition of the work model developed by the company’s management during the critical period of the Covid-19 pandemic in the country.He further pointed out the stability of the diamond price in the market as another factor that has contributed to the achievement of positive results.

Gradual return

“The gradual return to good results is a relief for the company, which was on the brink of bankruptcy during the critical period of the covid-19 pandemic in the country. In this period, precisely in July 2020, it was a particular moment of anguish, because we felt that the company was rapidly heading towards bankruptcy. As a result of this regeneration process as of September 2020, SMC’s production levels began to improve, a fact that allowed the year to end with the production of around 20,000 carats,” recalled Mr. Carlos.

For fiscal year 2021, the Angolan diamond company expects to produce around 247,000 carats and raise nearly 75 million dollars, with the average price estimated at US $350 per carat. With the planned production, it was estimated that an estimated revenue of US $79.5 million would be obtained, with an average price of US$350/carat.

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