Friday, 11 October 2019

ANOTHER MEGA DEAL


President Mnangagwa is on Monday expected to launch the Strategic Roadmap for the achievement of a US$12 billion mining industry by 2023.

This was said by Mines and Mining Development Minister Winston Chitando at a press conference this morning. Minister Chitando also said a joint venture agreement will be signed between Katanga, a company established by the Chiadzwa community and London Stock Exchange listed Vast Resources and the Zimbabwe Consolidated Diamond Company.


“There will be an agreement which will be signed towards the end of next week between Katanga and ZCDC. Essentially, the Chiadzwa community were granted title over some diamond concession and they have gone into a joint venture with Vast Resources which is quoted on the London Stock Exchange,” he said.

“So Katanga will be signing a joint venture agreement with ZCDC, which holds the mining title. As government, we are obviously pleased,” said Chitando.

Despite discovering huge diamond deposits in the eastern parts of the country over a decade ago, Zimbabwe is yet to realise meaningful benefits from their exploitation.

Companies that were operating in Chiadzwa previously, before their operations were almalgamated into the ZCDC, were accused of widespread leakages of gems, with the late former President Robert Mugabe saying the country could have been prejudiced of revenues amounting to $15 billion over the years.

While the figure remains contentious, no one has doubted leakages in the sector.

New Ziana

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