Angola to partner Zim in diamond mining

The Minerals Marketing Corporation of Zimbabwe chairman, Ambassador Christopher Mutsvangwa, said the impending joint venture followed discussions to promote intra-African cooperation in investment at the just-ended South Africa Mining Indaba.

He said the joint-venture initiative was meant to boost Zimbabwe’s diamond output as well as strengthen the country as one of the world’s best diamond producers.

“There are a number of issues that were discussed during the just-ended mining indaba in South Africa.

“One of the issues discussed was the need to promote the emerging intra-African cooperation to consolidate investments among countries on the continent.

“It is against this background that Angola has taken the lead by showing interest to partner Zimbabwe in mining diamonds in Marange.

“Angola through its state-owned diamond company, Katoka, will soon be investing into the joint-venture project to exploit the diamonds in Marange. This will go a long way in strengthening our diamonds industry,” he said.

He said the Angolan firm, which presently produces eight million carats per year, had pledged to invest capital into the joint initiative.

However, Ambassador Mutsvangwa would not be drawn into revealing the investment that Katoka would make citing professional reasons.

He said delegates at the mining indaba also discussed  how African economies could tap into the opportunities presented by the new mining boom created out of the economic development in countries such as China.

Because of the economic boom, he said China had become the major mineral resource consumer adding that African countries were encouraged to tap into opportunities created by the Asian country.

He said delegates also discussed on the need to ensure that countries benefit from their resources.

“The need for ensuring resource nationalisation was also discussed. It has been observed that during the colonial era, African countries did not sign contracts that ensured they benefit from their resources. The colonial companies retained exclusive rights to benefit out of our resources courtesy of their financial muscles and markets, among others,” he said.