{"id":1185704,"date":"2020-05-21T08:57:55","date_gmt":"2020-05-21T13:57:55","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024571"},"modified":"2020-05-21T08:57:55","modified_gmt":"2020-05-21T13:57:55","slug":"worlds-fourth-biggest-diamond-mine-cuts-output-processing","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185704","title":{"rendered":"World\u2019s fourth biggest diamond mine cuts output, processing"},"content":{"rendered":"<p>Angola\u2019s Sociedade Mineira de Catoca,&nbsp;which operate the<br \/>\nnamesake diamond mine in the sub-Saharan Africa\u2019s country, has reduced mining<br \/>\nand processing operations as demand remains weak due to the global covid-19 pandemic.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>The company has also postponed some investments and adjusted its operating expenses, according to a <a href=\"http:\/\/www.novojornal.co.ao\/economia\/interior\/diamantes-catoca-suspende-prospeccao-em-algumas-concessoes-e-unidades-de-tratamento-para-se-defender-da-crise-87927.html\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">statement quoted by Novo Journal<\/a>.<\/p>\n<p>Endiama, the state diamond mining company that owns Catoca in partnership with Russia\u2019s Alrosa (MCX: ALRS), says Angola now sees rough diamond output in 2020 at 2 million carats, compared to the 9.2 million carats it produced last year. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Angola now sees rough diamond output in 2020 at 2 million carats, compared to the 9.2 million carats it produced last year. <\/p>\n<\/blockquote>\n<\/figure>\n<p>The figure represents a 5% reduction of global supply, which<br \/>\nadded to already suspended operations, means that 37% of the world\u2019s diamond<br \/>\noutput is now halted. <\/p>\n<p>\u201cThis partly eases pressure on prices on the market, in our<br \/>\nview, though we believe that in the short term demand for roughs from midstream<br \/>\nmight fall more steeply,\u201d Dmitry Glushakov, VTB Capital\u2019s head of metals and mining<br \/>\nresearch, said in a note on Thursday.<\/p>\n<p>Angola is the world\u2019s fifth diamond producer by value and<br \/>\nno.6 by volume. Its industry, which began a century ago under Portuguese<br \/>\ncolonial rule, is successfully&nbsp;being liberalized.<\/p>\n<p>Last year, the country held its&nbsp;<a href=\"https:\/\/www.mining.com\/web\/angola-hold-first-diamond-auction\/3152\/\"  rel=\"noreferrer noopener\">first public diamond auction<\/a>&nbsp;and since then, producers<br \/>\nno longer have to sell at below-market prices to a handful of buyers favoured<br \/>\nby the state.<\/p>\n<p>Endiama recently revealed it was\u00a0<a href=\"https:\/\/www.mining.com\/endiama-searching-for-partners-to-make-angola-top-diamond-producer\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">seeking international partners<\/a>\u00a0in an attempt to place Angola among the world\u2019s top-three diamond producers.<\/p>\n<p>Before coronavirus crippled global markets, Angola planned<br \/>\nto increase annual diamond production to 14 million carats in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Angola&rsquo;s Sociedade Mineira de Catoca, which operate the namesake diamond mine in the country, cited weak demand as the reason.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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