ZCDC invests $100m on mining equipment

HARARE - Zimbabwe Consolidated Diamond Company (ZCDC) has invested about $100 million in the design and installation of a 450 tonne per hour (TPH) conglomerate plant and complementary mining equipment from Belarus, an official has said.

Morris Mpofu, the ZCDC chief executive, said the mining equipment is due for commissioning before the end of the year.

The parastatal is in the process of investing in modern best practices and to produce the best quality diamonds that it can.

Mpofu told delegates at the official launch of the Zimbabwe electronic diamond trading system on Monday that ZCDC will establish a diamond value management centre equipped with the latest technology in cleaning, sorting, valuation and marketing of rough diamonds.

“ZCDC intends to invest an additional $400 million in the next five years to enhance productivity, which is in sync with government’s vision 2030” he said

To further enhance capacity in the sector and increase uptake ability of the 10 percent quarter by local cutting and polishing companies, ZCDC has already started rolling out a toll manufacturing programme aimed at creating the necessary capacity in the local industry to absorb the 10 percent allocation.

“The use of this system will ensure that the sale of diamonds through Minerals Marketing Corporation of Zimbabwe is in line with the best global practice.

“It will also ensure global accessibility of our diamonds and other minerals to a larger pool of buyers,” Mines minister Winston Chitando said.

“This is well aligned to ZCDC’s developed marketing and sales strategy to help in achieving its revenue targets and foreign currency generation for the country.

“This system is therefore a significant step towards ZCDC realising its annual target of foreign currency earnings and contributing significantly to the mining sector’s $12 billion target”.

ZCDC is confident that Zimbabwe’s diamond industry is on a positive trajectory, riding on the enabling operating investorfriendly environment which has been created by government.

Improved efficiencies in diamond sales and marketing will complement other value unlocking strategies being undertaken by ZCDC and its stakeholders.
— The Financial Gazette

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