Work hard and you will find success

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GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

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Platinum’s rare nature gives it additional value and appeal

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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There is a significant need for smart and technological financial solutions in the diamond industry

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30 august 2021

Diamonds vanish from de-registered Marange miner - report

01 july 2014

Zimbabwe’s High Court recently heard that diamonds belonging to a de-registered Marange diamond mine Gye Nyame Resources, have vanished.
The Source reports that company’s judicial manager Winsley Militala told the court last week that creditors could not locate the company’s diamonds worth an unspecified value, which the company’s employees alleged had been sent to the Minerals Marketing Corporation of Zimbabwe (MMCZ).
Gye Nyame Resources, a joint venture between the state-owned Zimbabwe Mining Development Corporation (ZMDC) and Bill Minerals, represented by Ghanaian businessman William Ato Essien, had its licence revoked earlier this year due to insolvency and failure to adhere to environmental requirements.
The company was granted Marange mining concessions in 2011.
“I have engaged MMCZ and in their paragraph response to me, they don’t have any record of any parcels from Gye Nyame. The only avenue that I have now is to go through the security personnel who sealed the parcel at Chiadzwa [Marange], who delivered it to MMCZ,” The Source quoted Militala as saying.
He also said that plans were in place to ensure that operations at the mine resume.
“We are making every effort to engage ZMDC, a major shareholder, and also every effort is being done with the assistance of our legal counsel to engage the minister of mines. We just want clarity on the issue pertaining to the cancellation of the licence,” Militala said.
The company’s assets were estimated to be worth $6,6 million as at September 31, 2013, while its liabilities totalled $4,4 million.
However, creditors presented fresh claims worth over $5 million.

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