adminThe Zimbabwean Government is to merge all diamond mining companies into one consolidated mining company, a government minister has said. Mines and Mining Development Minister Mr Walter Chidhakwa said that the merged diamond company will include Murowa Diamonds, the only remaining Rio Tinto asset in Zimbabwe. The minister said that the Government will hold 50 percent shareholding in a consolidated diamond mining company while the remaining stake will be shared among the six companies that are currently mining in Chiadzwa.
He said that since the companies had various shareholders they had been given a time frame which lapsed last week.
“Obviously, the most important part is the legal side. We will not violate their contracts; we want everything to be done to the satisfaction of all parties,” said minister Chidhakwa.
He said the consolidation of the operations is being done in terms of the Companies Act and all companies should oblige. He said the companies’ shareholding will be determined on the valuation of their equipment and size of operations. – Fin24
Online Reporter