The investment will allow for a fourth pipe to be developed at the site, with production expected to start by 2018.
African Consolidated Resources (ACR) will commmission its first gold mine in Zimbabwe in the second half of next year as the company steps up efforts to consolidate its presence in the country's gold sector.
As part of a set of planned measures to stimulate production and attract investment in the sector.
The United States is wagging its finger at Zimbabwe, threatening to ratchet up sanctions over a plan to develop a platinum mine involving Russian and Zimbabwean companies.
In the 30 years Rio Tinto's Argyle Pink Diamonds have been tendering the rare gems, only 13 red diamonds have been brought in.
The government wants to consolidate the diamond mining companies currently operating in Marange from six down to two or possibly one.
The world's largest diamond miner by market value said it will adopt a more flexible sales approach.
Sector now delivering some of the healthiest returns for many of the world’s biggest miners, including Rio Tinto and Anglo American.
It has become economically unviable for miners to dig any deeper for the precious stones.
Two of the seven miners at Marange, Anjin and Jinan, will be shutting down.
Firm says deal means faster gold production at flagship Pickstone project.
The newly elected president of the World Diamond Council is not in favour of expanding the scope of the Kimberley Process scheme beyond conflict zones.
Despite billions spent on exploration, only around 30 significant diamond mines are currently in production.
Production of rough diamonds expected to be worth $19.6 billion by 2018.
Other two Canadian jurisdictions —New Brunswick and Newfoundland and Labrador— also made it to the top 10 worldwide. Kyrgyzstan and Venezuela, named the two countries mining enthusiasts should stay away from.
Marange is currently ranked the largest diamond producing deposit on earth, but its days seem to be counted.
Companies met deadline to submit concrete plans for major refinery.
Authorities are calling them the "the billion dollar diamond fields," though little exploration has taken place so far.
Country’s diamonds said to be depleting fast.
A steady diamond demand in Europe, paired with an ever growing appetite for these precious stones in China and India, are to blame, says Alrosa.
Platinum sector workers will be happy with 208%, while gold miners seek a 150% wage increase. Industry is offering 0.6%.
So far, no legal action has been taken against people allegedly involved in diamond-related corruption.
And what can be really done to choose certified conflict-free diamonds.
Schedules meeting to discuss share consolidation and closed Zimbabwe mine.
Despite claims of fraud in the July election that kept President Robert Mugabe in power.
Steady diamond demand in the United States, paired with an ever growing appetite from China and India set to cause a major gap in global supply and demand, says report.
Get Mining News and Alerts
sent to your inbox daily