daniel chigunwe
Business Reporter
Diamond production at RZM Murowa, an associate of diversified miner RioZim Limited, increased by 3 percent in 2022 to 426 000 carats, compared to the same period last year, spurred by operational efficiencies.
Since 2020, RZM Murowa has invested in modernising its operations, which has increased production of diamonds produced and improved efficiency in the mining process.
RioZim Limited group chairman Mr Saleem Beebeejaun said in a statement of financials for the year ended December 31, 2022 RZM Murowa managed to successfully complete and bring to production its Project Crown Jewel 500 tonnes per hour plant in the second half of the year.
“The forecast production upside from the plant will, however, only reflect subsequent to year end as focus in the current year was on stabilising and optimising the plant. Production for the year therefore, marginally increased by 3 percent to 426 000 carats compared to the 2021 production of 414 000 carats,” he said.
Mr Beebeejaun said the material processed came from the pre-mined low-grade and tailings stock piles, as there were no mining operations in the pits.
“The associate continues to expand its exploration activities including detailed evaluations on extending the life of its pits to further extend the life of mine,” he said.
He indicated that the associate continued to contribute to the overall profitability of the group as share of profit from the associate was $102,1 million whilst the prior year’s profit contribution was $525,8 million.
Zimbabwe hosts diamond reserves, with estimates suggesting the country holds over 800 million carats of diamonds.
Zimbabwe’s diamond production has been on the rise in recent years, with the country producing 3,2 million carats in 2019, up from 2,8 million carats in 2018.
The majority of Zimbabwe’s diamond production comes from the Marange fields, Manicaland Province, which are located in the eastern part of the country. The Marange fields were discovered in 2006 and have since become one of the largest diamond producing areas in the world.
Zimbabwe’s diamond industry has faced several challenges over the years, including allegations of human rights abuses and corruption. In response to these issues, Zimbabwe established a new diamond policy in 2019 aimed at promoting transparency and accountability in the sector.
Despite these challenges, Zimbabwe’s diamond industry remains an important source of revenue for the country.
The Government has set a target to produce 10 million carats of diamonds per year by 2023, which could significantly boost the country’s economy if achieved.
To help the Government achieve its goal of extracting minerals worth US$12 billion, Zimbabwe’s diamond sector is poised to contribute at least US$1 billion.
Online Reporter