Zim receives buoyant diamond gems
Zimbabwe has received a consignment of raw diamonds worth over US$960 million from one of its diamond mines. The gems were collected during the last quarter of 2020. Mines and Mining Development Minister Winston Chitando said the diamonds signify the huge mining potential in the country and underscore Government’s efforts to resuscitate the mining sector.
President commissions Mbada diamond processing plant
President Mnangagwa recently commissioned the Mbada diamond processing plant which is set to generate billions of dollars through diamond cutting and polishing. The US$135 million plant, which is a joint venture between Mbada Diamonds and the Industrial Development Corporation, has the capacity to cut and polish 200 000 carats of rough diamonds annually.
Zim’s diamond industry to attract $2 bn investors
Zimbabwe’s diamond sector is poised to attract nearly US$2 billion worth of investors following the signing of a joint venture agreement between the Government and GemRock Holdings. The joint venture, called Zimbabwe Consolidated Diamond Company, will see over US$1,8 billion being injected into the mineral sector for diamond mining and processing. The partnership also seeks to enhance diamond beneficiation in the country to boost the sector’s contribution to the economy.
Gold mining output surges 105%
Gold production in Zimbabwe surged by 105% to 18,7 tonnes in 2020, far exceeding the country’s target of 5 tonnes. The bullish run came on the back of confidence that has been rekindled in the mining sector by various reforms by Government and efforts to fight illegal mining activities. The strong gold performance will inject billions of dollars into the economy through export earnings and generation of foreign direct investment. Gold is a major source of revenue for Zimbabwe after tobacco.