shloboe boe
Zimbabwe is the world’s seventh biggest diamond producer by carat weight behind Russia, Botswana, Angola, Canada, South Africa and Namibia.
The bulk of the country’s output is produced by the Zimbabwe Consolidated Mining Company (ZCDC) which sold about 4,9 million carats of the stone in 2023. The firm’s output for 2024 was projected at 5,7 million carats and is expected to grow to 10 million carats this year.
With the contribution of two other miners — Anjin and Murowa — the national output will obviously be higher.
However, we feel that our country is one of the most under-explored mining jurisdictions on the globe mainly due to an internal lack of resources as well as the general international reticence towards investing here due to Western sanctions.
That potential can only be achieved if Zimbabwe collaborates with partners who have the necessary financial and technical resources. One such partnership is that between the ZCDC, the country’s number one producer and Alrosa, the world’s number one.
Alrosa Zimbabwe, the 70 percent-30 percent joint venture between Alrosa and ZCDC, has been exploring for the precious stone at various sites across the country since July 2020.
Alrosa said at the time that it planned to invest about $12 million by 2022 in the exploration programme.
As the partnership advances its investment, top Alrosa officials met President Mnangagwa on Wednesday after which they announced a plan to scale up the giant’s investment in the country.
“We are ready to work in the Republic of Zimbabwe and we are ready to move forward. Yes, and having said that, we have to admit that the planned investments between our companies were doubled. And so, by the end of 2025, the total investments will be doubled compared to the previous agreements,” said Alrosa Joint Stock Company chief executive officer, Mr Pavel Marynichev.
We acknowledge that mining exploration is a meticulous and time-consuming undertaking which also needs significant financial and technical resources. We are encouraged that this elaborate exercise is underway and urge Alrosa Zimbabwe to quicken things up so it declares commercially viable finds, secure funding to develop mines and begin producing so that the economy can derive maximum benefit from its mineral wealth.
We see massive potential in the Alrosa Zimbabwe joint venture contributing to a jump in national output.
We call on other companies to invest in the diamond sector as well. In calling for more investment in that industry, we don’t mean just extraction and selling of roughs but, more critically, investment to move the economy up the value chain to processing as well as jewellery making. That is where the cash is.
To get to the top, however, we need greater commitment and resources at every stage of the diamond pipeline — from miners, educational institutions, processors, to Government among other stakeholders.
Online Reporter