ANGOLA SEEKING TO BOOST ITS DIAMOND PRODUCTION

ANGOLA plans to increase annual diamond production to 22 million carats in 2022, from 19.1 million carats, said Mineral Resources Minister Diamantino Azevedo. The country is also seeking to diversify its economy away from oil and diamonds and is targeting production of minerals, including gold, silver, iron ore and manganese. The government has adopted a mining code that’s in line with international norms and clamped down on graft as it seeks to attract new investment, the minister said. “Gone are the days when corruption was accepted practice,” he told delegates. Azevedo was speaking at the African Mining Indaba, the continent’s biggest gathering of one of its most vital industries. | Bloomberg

DEMAND for Ferrari’s Portofino and 812 Superfast models helped the Italian supercar maker hit profit targets for last year, though it only provided a cautious upgrade to its outlook for 2020. Ferrari said it planned to boost adjusted earnings before interest, tax, depreciation and amortisation to €1.38 billion (R22.78bn) to €1.43bn this year, above a previous target of €1.3bn given in 2018, disappointing some. Ferrari shares were 1.4 percent lower on the Milan stock exchange by 3.35pm at €152.1, though that was still near a record high of €158.7 hit less than two weeks ago. Morgan Stanley analysts said that the outlook was slightly below market expectations, though they did not expect a material reaction in the share price, which has been riding high. Ferrari shares have more than trebled since it listed in 2016 as the brand, famed for its racing pedigree, clocked up strong results and boosted its profit margins to above 30 percent, a return most carmakers only dream of. Rival Aston Martin, for example, has a margin below 7 percent, while Porsche, owned by Volkswagen, has an operating margin of about 17 percent. | Reuters