[miningmx.com] — ANGOLA’S state-owned diamond firm Endiama expects to increase production this year after posting revenue growth in 2011 as the global diamond market recovered from a slump caused by the financial crisis, state news agency Angop reported on Friday.
Diamond mining is one of Angola’s main economic pillars, and Endiama controls all diamond concessions in the country, which is the world’s fifth biggest diamond producer.
Angop said the company posted revenues of $1.16bn last year, up from $987m in 2010, with an increase in the average price to $139.6 per carat from $118 more than offsetting a drop in output to 8.32 million carats from 8.36 million in the previous year.
The global diamond sector was one of the hardest hit during the financial crisis, and Angola’s diamond prices slumped by around 70% in 2008 before recovering slowly in the next two years.
Angop said that with the sector continuing to show signs of improvement, Endiama plans to increase its prospection activities and boost output during this year.
