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Zim limits diamond companies to four, might waiver local ownership threshold

06 december 2018

The Zimbabwean government has approved a new diamond policy that will limit diamond exploration and mining in the country to only four companies, including the state-owned Zimbabwe Consolidated Diamond Company (ZCDC) and Murowa Diamonds.
Mines minister Winston Chitando said Harare settled for only four players for easy monitoring of the mining and selling of diamonds, according to The Herald.
The other two new players were yet to be revealed, although speculation was rife that China’s Anjin would bounce back.
news_06122018_zcdc.png
Image credit: ZCDC


Acting information minister Mangaliso Ndlovu was quoted by NewsDay as saying that any other entity or person with diamond mining title should approach any one of the four approved companies for joint venture agreements.
“Government, through ZCDC, shall control 46 percent and the Local Company Trust – the 5 percent indigenous partners of any foreign investor who intends to undertake diamond mining activities in Zimbabwe,” he said.
However, Ndlovu said government may waiver the local ownership threshold.
“[This is] subject to submission of satisfactory submissions and due diligence, that all rough diamonds produced from all diamond mining operations shall be submitted to the Diamond Value Management Centre, to be established by the ZCDC for cleaning, sorting and valuation, save for Murowa Diamonds,” he said.
The new diamond policy, said Ndlovu, would also see private players participate in value-addition after cleaning and sorting of diamonds upon obtaining the necessary approvals.
As was the case before, 10 percent of rough diamonds produced in the country would be reserved for local value addition.
Zimbabwe revised the empowerment law to limit majority ownership by locals and State-owned companies to only diamond and platinum mines, and not the entire mining sector as in previous legislation.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished