Luanda: Angola’s state-owned diamond mining company Endiama produced 9.21 million carats of diamonds last year, exceeding a target of 9 million carats set by the ministry of planning and territorial development.

Footprint to Africa quoted company chairperson António Carlos Sumbula as saying that the improved output was a result of “great work” by the employees.

He said Endiama would this year seek to produce less diamonds to stimulate an increase in rough prices. The Endiama boss alleged that the company had lost about $130 million in revenue due to weak diamond prices.

Sumbula also said that Endiama would soon start operating a small mine called CAP 42, which was a CATOCA reserve. Alrosa and Endiama recently signed a memorandum of understanding, Luaxe international investment contract and notarial record of the establishment of Luaxe enterprise.

Luaxe, which was discovered in 2015, was projected to record an annual output of between 8 million carats and 10 million carats. Sumbula said Luaxe, considered the largest compared to Catoca, was running according to schedule and can be opened late 2018 or early 2019.

Catoca currently produces about 80 percent of the country’s total diamond output. Alrosa and Endiama each control a 32.8 percent stake in Catoca, while LL International Holding B.V. owned by China-Sonagol controlled an 18.0 percent stake. Brazil’s Odebrecht Mining Services owns 16.4 percent of the company.

Former Alrosa president Andrey Zharkov said last September that capital investments in Luaxe project during its mine life was estimated at $1 billion.