Zimbabwe seeks diamond sector investors

Zimbabwe seeks diamond sector investors
Published: 30 January 2018 (513 Views)
THE Zimbabwe Consolidated Diamond Company is working on a structure to lure private investors back into the diamond mining industry after Government ordered companies that have been operating in Marange to vacate in 2016, as their licenses had expired

Government is working on amendments to the Indigenisation and Economic Empowerment Act to limit the 51 /49 percent shareholding requirement to only two minerals, diamonds and platinum. The Government in 2015 did not renew licences of private players in the diamond mining industry after realising that the Treasury had not accrued meaningful revenues from the industry. ZCDC was subsequently issued with exclusive mining rights in Marange. A source with the knowledge of the matter said ZCDC was working on a structure to attract investment.

"The Government wants partners to help fully exploit the potential in the diamond industry just like in all other sectors of the economy but the difference here is we want legislative protection to retain control as highlighted by Minister (of Finance and Economic Planning Patrick) Chinamasa," said the source who declined to be named.

"Government has already invested extensively in diamonds through the RBZ (Reserve Bank of Zimbabwe) which last year pumped $80 million into the ZCDC operations and Government's desire is for all this to be taken care of in the envisaged partnerships."

Zimbabwe is this year expected to produce three million carats of diamonds up from 1,8 million carats last year, according to Mines and Mining Development Minister Winston Chitando. In 2016, ZCDC produced 961 000 carats which increased to 1,8 million carats in 2017, he said. At peak in 2012, Zimbabwe's diamond sector produced 12 million carats. Meanwhile ZCDC has dismissed reports that new diamond deposits have been discovered in Chiredzi.

Hundreds of illegal miners descended on Chiredzi following reports that some panners had picked diamonds in the area. "ZCDC being a mandated diamond mining company in Zimbabwe sent a team of Geologists to investigate whether they are real diamonds and to assess the potential of the geology of the area to host diamonds," said Dr Mpofu.

"The stones are not diamonds but quartz ranging from clear, milky quartz with iron stains to smoky quartz. The quartz averaged 10mm in size, the dolerite on the surface has a honeycomb structure with quartz growth inside. The geological formation of the area is not kimberlitic but amygdaloidal basalt or dolerite which do not host diamonds," he said.

- the herald

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe Elections 2018: An unfolding novelty

by Southern Times | 25 May 2018 | 90 Views

Warmonger's 'shoot-to-kill' policy revoked

by Southern Times | 25 May 2018 | 86 Views

Jonathan Moyo, Manheru rivalry

by Staff reporter | 25 May 2018 | 113 Views

SA-based Umthombo Weskristu Gospel Servants bounces back

by Staff reporter | 25 May 2018 | 62 Views

Man dies in axe attack

by Staff reporter | 25 May 2018 | 92 Views

Granny begs neighbour to impregnate daughter

by Staff reporter | 25 May 2018 | 92 Views

PHOTOS: MDC-Alliance rally at Pelandaba Stadium, Gwanda

by Staff reporter | 25 May 2018 | 134 Views

Church VP in love scandal

by Staff reporter | 25 May 2018 | 92 Views

Obiang Nguema meets Mugabe, Chiwenga supervises meeting

by Staff reporter | 25 May 2018 | 76 Views

Multichoice boss nearly duped

by Staff reporter | 25 May 2018 | 67 Views

Big Brother Africa star loses car over debt

by Staff reporter | 25 May 2018 | 69 Views

Jonathan Moyo, Manherua rivalry

by Staff reporter | 25 May 2018 | 60 Views

Zimbabwe needs more international support - UN

by Agencies | 25 May 2018 | 56 Views

Mujuru's NPP loses its leader

by Ntando Dube | 25 May 2018 | 73 Views

Obiang Nguema to hold 'secret talks' with Mugabe

by Staff reporter | 25 May 2018 | 65 Views

Client clashes with PSMAS

by Stephen Jakes | 25 May 2018 | 70 Views

Govt should condemn Mukupe's stigmatization of HIV

by Simbarashe Sithole | 25 May 2018 | 70 Views

Ethan Tsvangirai kicked out of school

by Staff reporter | 25 May 2018 | 77 Views

The truth about Zimababwe economy

by Sibusisiwe Tshuma, Political Analyst and Activist | 25 May 2018 | 77 Views

Zec sued over printing ballot papers

by Staff reporter | 25 May 2018 | 76 Views

WATCH: Zimbabwe aims to break a Guinness World Record

by Staff reporter | 25 May 2018 | 74 Views

Welshman Ncube denies Priscilla vendetta

by Staff reporter | 25 May 2018 | 62 Views

'Zanu-PF will not resort to violence this time,' says Chiwenga

by Staff reporter | 25 May 2018 | 72 Views

Chiza playing with gukurahundi victims' emotions

by Clement Dumisani Moyo | 25 May 2018 | 68 Views

Moving away from the death penalty in Zimbabwe - has the time come for change?

by Parvais Jabbar and Val Ingham-Thorpe | 25 May 2018 | 42 Views

Zimbabwe is one of the many failed states of Africa

by Clement Dumisani Moyo | 25 May 2018 | 59 Views

The irony of Africa Day

by Poseidon Tsautsau | 25 May 2018 | 83 Views

Chihuri says not ready for Parly grilling

by Staff reporter | 25 May 2018 | 108 Views

Mnangagwa targets high-profile graft cases

by Staff reporter | 25 May 2018 | 98 Views

1893 MHRRM strongly condemns ill-treatment of Nkosazana Khuphe

by Thembani Dube, 1893 MHRRM Secretary for Information and Publicity | 25 May 2018 | 88 Views

All set and ready for the Matabeleland Culture Day

by Thulani Nkala | 25 May 2018 | 58 Views

Econet bundles, a daylight robbery

by Nkomah Isaac | 25 May 2018 | 105 Views

Mnangagwa charms Marange

by Staff rpeorter | 25 May 2018 | 86 Views

'Arrest top cops involved in smuggling'

by Staff rpeorter | 25 May 2018 | 64 Views