Business / Economy
Government approves $400m 5-year diamond mining project
24 Sep 2018 at 18:21hrs | Views
The government has approved a US$400 million five year diamond mining project to increase the value of returns in the capital intensive but viable industry.
Renewed interest in the diamond mining sector is being anticipated to increase value and production at a time when there is a transition from the alluvial precious gems to the conglomerate mining systems.
While diamond volumes have since January been on an increase, it is the need to realise full potential in terms of returns that has seen the government setting aside a budget of US$400 million for expansion in the next five years.
Zimbabwe Consolidated Diamond Mining Company ( ZCDC) Chief Executive Officer Dr Morris Mpofu confirmed to the ZBC News that the government which is the key shareholder in the firm has approved the project whose key targets include exploration works, expansion systems, beneficiation or refinery plants among others.
"We are really working towards ensuring that the set targets can yield the full potential to unlock value in the sector with the main motive being towards accelerating growth in the short to long term," said Dr Mpofu.
Zimbabwe's diamond mining industry which has already endorsed the country's vision 2030 objective of achieving a middle income economy premised on a gross domestic product (GDP) of US$65 billion is focusing on policies to attract more investors through the provision of machinery or working capital.
Renewed interest in the diamond mining sector is being anticipated to increase value and production at a time when there is a transition from the alluvial precious gems to the conglomerate mining systems.
While diamond volumes have since January been on an increase, it is the need to realise full potential in terms of returns that has seen the government setting aside a budget of US$400 million for expansion in the next five years.
"We are really working towards ensuring that the set targets can yield the full potential to unlock value in the sector with the main motive being towards accelerating growth in the short to long term," said Dr Mpofu.
Zimbabwe's diamond mining industry which has already endorsed the country's vision 2030 objective of achieving a middle income economy premised on a gross domestic product (GDP) of US$65 billion is focusing on policies to attract more investors through the provision of machinery or working capital.
Source - zbc
