Pulse.com.gh logo
Go


Diamond mining Zim orders diamond miners out

The firms are meant to leave behind equipment and vacate their premises and a newly-created state-owned company, Zimbabwe Consolidated Diamond Co., is expected to take over, The Independent reports.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

Zimbabwe’s Minister of Mines has ordered all diamond producers operating in the diamond-rich Marange area to halt mining immediately, after the government did not renew their licences.

The firms are meant to leave behind equipment and vacate their premises and a newly-created state-owned company, Zimbabwe Consolidated Diamond Co., is expected to take over, The Independent reports.

The government’s decision follows a refusal by six mining companies, including Anjin Investments, Diamond Mining Co., Jinan Mining Ltd., Kusena Diamonds, Marange Resources Ltd. and Mbada Diamonds, to accept the nationalisation of their assets.

Minister Walter Chidhakwa said private firms affected, which include Chinese and Russian firms, may negotiate joint ventures with the state mining company. He also said they had 90 days to vacate the area.

Most of the companies in Zimbabwe, one of the world’s top diamond-producing nations, concentrate on alluvial diamond mining, which requires less capital as they are easily extractable through open cast mining.

But the country has practically run out of alluvial gems deposits and existing local miners had argued they had neither the expertise nor the resources to search for new deposits underground.

Last year, Chidhakwa said the decision to merge all diamond miners aimed to bring more transparency and accountability in the sector. It is also supposed to enable small and medium-scale miners to extract kimberlite diamonds, which are capital intensive.


Source: Mining.com

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 New Appointment Nana Addo appoints Mahama as Lands Commission bossbullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 President’s Salary Here is how much Nana Addo earns every month...bullet
4 Ghana Politics Akufo-Addo fires Lands Commission bossbullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 Value Of Currency Cedi doing better than in 2016, 2017 – GN...bullet
7 Mobile Money MTN freezes account of Ponzi scheme over GH¢11m...bullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 AirtelTigo 6 things every Airtel and Tigo customer...bullet
10 $89m Kelni GVG Deal Here's the full contract between...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Plane Crash Starbow suspends operations following plane crashbullet
3 Money Alert Meet Africa's richest womanbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Entrepreneurship How to be resourceful as an entrepreneurbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Tech 6 reasons you should buy an iPhone SE instead of any...bullet
9 Entrepreneurship Creating Success Systems | StartUpSchoolbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business