Catoca Mining Company has resumed diamond sales this month after temporarily suspending them due to a drop in prices in the international market.
The company’s gemstone carat prices fell by 22 percent. The chairman of the company’s Management Council, Benedito Manuel, made this announcement.
Quoted by RNA yesterday August 13th, Benedito Manuel added that sales are taking place on an experimental basis, given the precautions established to assess market trends.
“We have not yet reached the established financial targets due to the global market situation,” he said, adding that this month’s resumption is based on the existing “stock” production.
Benedito Manuel revealed that the Shareholders’ General Assembly has recommended caution in resuming sales. “On August 1st, we held the 71st General Assembly, which recommended careful consideration in making sales decisions so that Catoca is not adversely affected in terms of historical carat prices.”
Given this progression, he continued, the Management Council believes that the execution of the goals set for the first six months of the year falls short of expectations, especially considering projections that indicated surpassing the semi-annual plan. Steps are being taken to recover and align with the annual plan.
The indicators of the past four months provide assurance, stated the Chairman of the Management Council, emphasizing that the company had aimed to achieve results by this point that could surpass the plan.
This is particularly significant as the end of the year approaches when operational management becomes more complex. “Perhaps we would have alleviated the situation if we had already exceeded the plan, but we are not in a bad position,” he said.
