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ZIMBABWE PLANS $400 MILLION INVESTMENT IN DIAMOND MINING

The ZCDC has set a production target of at least 10 million carats a year until 2023
Alluvial Mining
Credit: Free Wind 2014 / Shutterstock.com

Zimbabwe’s diamond miner, the Zimbabwe Consolidated Diamond Company (ZCDC), plans to invest $400 million under its vision 2025 plan, according to reports cited by Diamond World. For the next four years, the company has set a production target of at least 10 million carats a year.

 

Most of the money will be spent on exploration at the Chiadzwa diamond deposits, deposits in Chimanimani as well as known kimberlites in Chihota and Mwenezi.

 

In early June, Zimbabwe‘s Parliament has amended the mining bill, removing clauses that required foreign mining companies to list locally. Earlier in May, the Zimbabwe Consolidated Diamond Company (ZCDC) summed its diamond production for the first four months of the year, reporting production of one million carats of diamonds during that period, in line with its production target. In the 1st quarter ended March 31, the ZCDC produced 751,303 carats – up 80% year-on-year.



Tags: Diamonds News, Diamond Industry News, Mining News, Zimbabwe News

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