ZIMBABWE TAKES OVER ALL INCOME FROM DIAMOND MINES
Zimbabwe’s diamond woes are far from over: According to a report in Art of Jewellery, the government “has taken over income from all diamond mining activities” in Zimbabwe. The government has already invested $80 million into the state-owned Zimbabwe Consolidated Diamond Company (ZCDC), which runs all diamond mining activities in the country.
Zimbabwe’s revenue from diamonds between January to May 12 fell sharply – from $51 million in the corresponding period in 2016 to $27 million in 2017. Platinum exports raked in $333.5 million, compared to $282 million in the same period last year. Gold exports raked in $275.7 million, compared to $266.5 million in the same period last year.
Finance Minister, Patrick Chinamasa, told mining executives last Friday that “There are two minerals which remain a disappointment: diamonds and coal. We have capitalised the ZCDC to the tune of $80m and there is new management”.