Russian and Zimbabwean State-Owned Diamond Mines from JV

By Abdul Rahman Suagibu –

6.94 Ct 11.45 mm Natural Uncut Rough Loose Diamond Gray Color Origin Africa
Photo Credit: Ebay

NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- The world’s top diamond producers by output, Alrosa (MCX:ALRS) and the Zimbabwe Consolidated Diamond Company signed a joint venture agreement to redirect diamond deposits in Zimbabwe. According to the terms of the agreement between the state-owned companies; Alrosa will get a 70% controlling state for the development of Greenfield projects, while ZCDC will get the remaining 30%.

In the fall of 2019, JV will deeply concentrate on geological exploration of Greenfield deposits. As positive results were realized from the germinal activities; the mines will think to cooperate in diamond mining and independent sale of rough diamonds in external markets.

In a media statement, Alrosa and ZCDC said; the joint venture will be able to work not only with licenses ZCDC has today, particularly those in the Chimanimani region, but also in the entire country. “In case a new prospective area is discovered, the company will contact directly the Zimbabwe Ministry of Mines and Mining Development requesting a new license for his area” the press release reads in December, 2018, Alrosa established an affiliated company in the African country, Alrosa (Zimbabwe) Limited, for the implementation of projects in mineral prospecting, exploration and mining operations with a view to creating joint diamond-mining and other mining enterprises.

For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

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