De Beers and Vast Resources will be allowed to explore for
diamonds in Zimbabwe, which would make them the first listed companies to mine
there in that sector for two years, Mining Minister Winston Chitando said.
A spokesperson for De Beers, an Anglo American unit, said
in an email it was not mining in Zimbabwe and did not intend to. Vast Resources
said it could not comment.
Zimbabwe has been working to rebuild investor confidence
since long-term leader Robert Mugabe was ousted in late 2017.
This month its mining ministry said it would let in two new
companies but did not name them.
On Wednesday, Chitando told Reuters De Beers and Vast
Resources would be allowed to mine, but could not comment on any changes to
ownership rules. “Those are the details that have to be thrashed out,” he said.
Vast Resources signed a memorandum of understanding with
Botswana Diamonds in May to form a special purpose vehicle majority-owned by
Vast to develop resources in Zimbabwe.
In November, Chitando said Zimbabwe did not plan to change
radically its ownership laws for platinum and diamonds.
Few miners doubt the potential of Zimbabwe’s mineral
resources and it is among the world’s leading diamond-producing countries. But
some investors are concerned about how much money companies can take out
because of dollar shortages.
Mugabe accused De Beers of looting the largest diamond
fields in Marange in eastern Zimbabwe, where production is dominated by
state-owned Zimbabwe Consolidated Diamond Company. De Beers denied the charge.
Zimbabwe Consolidated Diamond Company is one of two firms
currently allowed to mine diamonds there. The other, Murowa Diamonds,
majority-owned by Rio Tinto until June 2015, is the only private company mining
diamonds in south central Zimbabwe.
In early 2016, Mugabe’s government evicted all diamond
miners from Marange, saying their licences had expired after they declined to
merge under the state-owned mining firm.
As part of its quest to attract foreign investment,
Zimbabwe’s new government has liberalised indigenisation laws for many minerals
but still limits foreign ownership of platinum and diamond projects to a
minority, with the state holding 51%. Reuters
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