News / National
No Leakages from Chiadzwa
31 Jul 2011 at 17:13hrs | Views
Zimbabwe's Mines and Mining Development Deputy Minister Gift Chimanikire quelled speculation that there were financial leakages from the Chiadzwa diamond extraction, according to The Herald Online.
He said the government had received $201 million, which matches the figures of stakeholders. The figure included a $27 million dividend declared by the Zimbabwe Mining Development Corporation in July.
Chimaikire's accounting was in response to a question from Bulawayo South legislator Eddie Cross, who had asked for figures on the quantity and value of diamonds mined in the country, and how much was remitted to the Treasury, continues The Herald. The total dividends remitted between 2010 and February 2011 were $90 million. Plus, royalties were remitted through Zimra, corporate tax, value added tax and withholding tax, all of which added up to $84 million.
When Chimanikire was asked whether the $27 million remitted was the 50% government equity in Canadile and Mbada, the companies extracting diamonds at Marange, the deputy minister responded that shareholding did not necessarily translate into disbursement of proceeds. "We retain a certain amount for various recapitalization and expenses that are reflected in the balance sheet," he said.
He said the government had received $201 million, which matches the figures of stakeholders. The figure included a $27 million dividend declared by the Zimbabwe Mining Development Corporation in July.
When Chimanikire was asked whether the $27 million remitted was the 50% government equity in Canadile and Mbada, the companies extracting diamonds at Marange, the deputy minister responded that shareholding did not necessarily translate into disbursement of proceeds. "We retain a certain amount for various recapitalization and expenses that are reflected in the balance sheet," he said.
Source - israelidiamond.co.il
