The Angola-based diamond mining company Catoca Ltd saw rough diamond sales of over $527 million in 2010 and a net profit of $111 million, Alrosa reports.

Russia's state-owned diamond producer was one of the founding partners of Catoca, along with Angola's government-owned diamond company, Endiama; the Israeli diamond company LL International; and Brazil's Odebrecht Mining Services.

The diamond sales figures were announced at a general meeting of Catoca's founding members held last week at which a work program for 2011-2012 was presented. The proposed work plan calls for Catoca to take part in seven new minerals concessions in Angola and to diversify its mining activity in light of the prospect of diminishing diamond resources.

The partners also approved company reports and a dividend distribution, and discussed ways of decreasing costs and increasing income, efficiency, and operating profits.