The state-owned diamond miner wants to produce 10 million carats by 2025.
Zimbabwe Mining News
It would make them the first listed companies to mine there in that sector for two years, Mining Minister said.
President Emmerson Mnangagwa is making moves to end the country’s international isolation and attract foreign investment to boost an economy in tatters, including allowing new private investment in the diamond fields.
It may even allow foreign investors to hold majority stakes in local operations on condition that part of their output is reserved for domestic downstream industries.
Minister of Mines and Mining Development, Winston Chitando told Reuters there would be "no change" for diamonds and platinum when asked about industry speculation the indigenisation rules could be relaxed further.
Zimbabwean Finance Minister Mthuli Ncube cut civil servants’ pay and announced a series of other steps to reduce the government’s bloated wage bill.
The Zimbabwean miner claims it has failed to receive $48m due in payments from the central bank for its sales in dollars, suffering losses of $44m due to lost production.
We have made a decision that there is viability in mining by making sure we don't kill the goose that lays the golden egg - John Mangudya, Central bank governor
The processing plant has been under consideration since at least 2014.
We would like to see each and every asset owned by ZMDC getting into production - Mines Minister Winston Chitando
"Our vision is to be the world's leading uranium company" - Ni Tao deputy manager of China National Uranium Co Ltd
The company had run out of critical consumables and spares required for its mines, forcing the shutdown
The southern African nation is pushing the metal as a major draw for investors as it looks to attract capital to its mining sector following the ousting last year of former president Robert Mugabe after almost four decades in power.
Zimbabwe's mining industry is facing “severe viability challenges” because of the shortage of hard currency
Villagers living around the Marange diamond fields would benefit.
Decision comes after the companies received Wednesday a preliminary geological assessment of the property, which shows Heritage contains several targets for modern alluvial diamond placer deposits.
Dollar shortages are creating the risk of some mines shutting down, while investors calling for the removal of foreign exchange restrictions.
The miner said it would take legal actions to force the central bank to give it US dollars for part of its gold output.
Metallon Corp. is considering paying mining-equipment suppliers in gold because a cash shortage in Zimbabwe is hampering its plan to expand output.
Zimbabwe will fast-track plans to settle its debt arrears, a key step needed to restore investor confidence in the country’s economy.
Platinum miner Zimplats on Friday reported a 94 percent drop in after-tax profit to $2.6 million after incurring a higher deferred tax charge.
Vast Resource is expected to carry out an initial assessment of the Heritage Concession, in the Marange Diamond Fields area.
The Zimbabwe National Army has been dealing for months with people working illegally at the mine site.
Moti said he’d be willing to sell as much as 25 percent to the right partner, but ruled out any prospect of an initial public offering.
It gives the company access to 23,903 hectares of land in the country Great Dyke, which has a potential for 96 million ounces of platinum and palladium.