ZIMBABWE TO HOLD MAJORITY SHARES IN PLATINUM AND DIAMOND MINES
Zimbabwe has made amendments to the country’s Indigenisation and Economic Empowerment Act in order to to hold majority shares in state-owned diamond and platinum mines, Gem Konnect reports.
According to the report, “existing diamond mining ventures do not need to immediately comply with the law as they can negotiate a timeline of compliance with the authorities”.
In late February, Zimbabwe held a “test sale” of rough diamonds mined by the state-owned Zimbabwe Consolidated Diamond Company (ZCDC). Mines Minister Winston Chitando was quoted as saying that Zimbabwe had accumulated a stock of 1.558 million carats from March to December 2017. He added that the ZCDC will conduct regular diamond auctions throughout 2018, and that authorities were working on a sales calendar to enable diamond buyers to plan in advance.