Sociedade Mineira de Catoca (SMC) has unveiled ambitious plans for diamond production and investment in 2024, aiming to recover approximately 6.9 million carats while investing $69.282 million. Porfírio Soares, a company representative, shared these insights during the presentation of the company’s 2023 activities.
The investment focus for 2024 includes enhancing prospecting activities to increase reserves, upgrading equipment fleets, and improving treatment centers to optimize work quality and reduce downtime.
Furthermore, SMC anticipates commercial success, projecting diamond sales of $6.941 million and tax contributions of approximately $34.707 million to the state coffers. Soares emphasized that meeting these goals could generate around 2,382 job opportunities.
SMC, a significant contributor to Namibia’s diamond production, accounted for 71% of the country’s output in 2023, recovering an estimated 9.772 million carats, primarily through industrial activity.
In terms of investment between 2022 and 2023, SMC allocated $107.72 million, mainly focusing on production enhancements, infrastructure, and other essential services.
The company’s proactive approach to investment reflects its commitment to overcoming challenges, including geopolitical constraints.
Despite market fluctuations, SMC reported positive results in commercialization and sales, with a notable increase in diamond sales volume compared to the previous year.
Moreover, the company demonstrated its commitment to social responsibility by investing $16.7 million in various social infrastructure projects in 2023, including education, health, and sports initiatives. These investments underscore SMC’s dedication to community development and sustainable practices.
With strategic investments and a robust social responsibility agenda, SMC aims to strengthen its position as a key player in the diamond industry while contributing to the socio-economic advancement of Namibia’s communities.
