News / Local
Russian investor prospects for gold, diamonds in Tsholotsho
21 Sep 2023 at 01:09hrs | Views
The Russian conglomerate and the world's leading diamond producer, Alrosa Mining, have awarded a contract to Titan Drilling International for exploration operations focused on gold and diamonds in Tsholotsho District, Matabeleland North province.
If the exploration results reveal sufficient mineral reserves for commercial exploitation, this could potentially lead to significant economic growth in Tsholotsho District and a higher contribution to national development.
Tsholotsho's economy is primarily based on subsistence farming, diaspora remittances, and wildlife tourism. The discovery of precious minerals has the potential to bring about a transformative impact on the district.
Preliminary exploration drilling activities are currently underway in the Mbalibali area under Chief Mahlathini. The contractor intends to submit samples for laboratory testing to determine the feasibility of business prospects.
Mr. Patrick Butau, speaking on behalf of Titan Drilling International, explained, "We are conducting exploratory work on behalf of our client, Alrosa Mining. Our role is to collect samples and submit them for testing, focusing on gold and diamonds."
Mines and Mining Development Deputy Minister Polite Kambamura mentioned that the government was awaiting the investor's quarterly report and emphasized that they couldn't prematurely disclose the results of a publicly listed company.
Alrosa is a global group of diamond mining companies that specialize in various aspects of the diamond industry, including exploration, mining, manufacturing, and sales. The company began geological exploration in Zimbabwe in 2013 but relinquished its licenses in 2016. It resumed its operations under the Second Republic in response to President Mnangagwa's political and economic reforms.
The company received special grants from the Ministry of Mines and Mining Development and an Environmental Impact Assessment (EIA) certificate, aligning with the government's strategy for sustainable mining. These special grants are located in Masvingo, Matabeleland South, and Matabeleland North provinces.
In July of the current year, President Mnangagwa met with Alrosa executives during his visit to the Russia-Africa Economic and Humanitarian Forum. During this meeting, the company expressed satisfaction with the investment climate in Zimbabwe, as well as the "Zimbabwe is Open for Business" and engagement initiatives championed by President Mnangagwa.
If the exploration results reveal sufficient mineral reserves for commercial exploitation, this could potentially lead to significant economic growth in Tsholotsho District and a higher contribution to national development.
Tsholotsho's economy is primarily based on subsistence farming, diaspora remittances, and wildlife tourism. The discovery of precious minerals has the potential to bring about a transformative impact on the district.
Preliminary exploration drilling activities are currently underway in the Mbalibali area under Chief Mahlathini. The contractor intends to submit samples for laboratory testing to determine the feasibility of business prospects.
Mines and Mining Development Deputy Minister Polite Kambamura mentioned that the government was awaiting the investor's quarterly report and emphasized that they couldn't prematurely disclose the results of a publicly listed company.
Alrosa is a global group of diamond mining companies that specialize in various aspects of the diamond industry, including exploration, mining, manufacturing, and sales. The company began geological exploration in Zimbabwe in 2013 but relinquished its licenses in 2016. It resumed its operations under the Second Republic in response to President Mnangagwa's political and economic reforms.
The company received special grants from the Ministry of Mines and Mining Development and an Environmental Impact Assessment (EIA) certificate, aligning with the government's strategy for sustainable mining. These special grants are located in Masvingo, Matabeleland South, and Matabeleland North provinces.
In July of the current year, President Mnangagwa met with Alrosa executives during his visit to the Russia-Africa Economic and Humanitarian Forum. During this meeting, the company expressed satisfaction with the investment climate in Zimbabwe, as well as the "Zimbabwe is Open for Business" and engagement initiatives championed by President Mnangagwa.
Source - The Chroncile
