Dundo - Angola’s Diamond Firm ENDIAMA E.P´s has more than one million carats of diamonds in stock, said its CEO, adding that the company awaits to improve trading prices of the product in market.
Jose Ganga Junior made the announcement during the opening ceremony of meeting to take stock of the first half of diamond production.
He said that "in practice Angola is without buyers of this resource" to regularly absorb the production levels of the last six months.
"The market situation is not very good at the moment. This situation has reflected on the companies' operating costs. That's why we have to find ways to survive, using the creativity that is needed," he said.
The manager recommended the companies in the sector to courageously perform operational costs in order to achieve better results, greater profitability and resorting to the banking sector for loans to overcome their financial difficulties.
From an international point of view, he added, the companies that produce and supply mining and shipping equipment are also out of stock to meet demand, which is constraining some mining operations.
The company’s CEO also said that inflation in the world economy has also been affecting the mining sector to a large extent.
José Ganga Júnior said that ENDIAMA is still in the process of restructuring, in all its aspects, in order to serve the country better and better supervise diamond companies.
He explained that ENDIAMA's other challenge is to move from a purely administrative company to a productive one, so that next year the country will have a geological-mining sector, particularly in the diamond chain, that is stronger and capable of boosting the national economy.
The three-day event will enable the diamond companies to take stock of their production over the last five years. HD/DAN/NIC
