Home More Explainers Zimbabwe Sets Goal of 11m Carats of Diamonds by 2023
Explainers - Finance - News around Africa - Profiles - October 14, 2019

Zimbabwe Sets Goal of 11m Carats of Diamonds by 2023

The country is hoping to raise growth margin from the previous 3.2-million carats last year, Mines Minister Winston Chitando said on Monday.

The mineral-rich southern African nation will strive to entice investors to revive its economy which has so far been crippled by triple-digit inflation and high unemployment rate.

Although many of the miners are affirmative of the potentials in Zimbabwe’s mineral resources, with its diamond, platinum and lithium deposits considered among the biggest in the world, would-be investors are wary of getting a return on their monies because of acute dollar shortages, hence the reason why many big miners are taking cautious approaches.

Zimbabwe’s goal will be driven by four companies namely, Alrosa and Chinese-owned Anjin, the minister said.

In an earlier report by Reuters, President Emmerson Mnangagwa’s government had said that it is stepping up efforts to exploit its mineral resources to revive its economic state since abandoned by the country and stakeholders during the rule of the late Robert Mugabe.

Minister Chitando also noted that Vast Resources, a mining exploration company, would sign a joint venture mining agreement with Zimbabwe Consolidated Diamond Company which holds the mining rights, he said.

Vast will join new players such as Russia’s Alrosa as well as unlisted Chinese firm Anjin Investments.

Anjin along with other miners were forced out from the Chiadzwa fields in 2016 during Mugabe’s reign with the government’s claim that their licenses had expired after they declined to merge under the state-owned mining company.

Zim’s goal of 11million carats of diamonds, though ambitious, is expected to increase investments in mining and raise the sector’s export earnings to $12 billion by 2023.

Zimbabwe Explores Nuclear Energy to End Power Outage


Check Also

The IGP’s Call for Proactive Measures by Police Managers Ahead of NLC Strike

Usman Alkali Baba, the Inspector General of Police, says the police are gearing up for any…