Saturday, November 16, 2019
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ALROSA & ZCDC Sign JV Agreement to Develop Zimbabwe Diamond Deposits

ALROSA & ZCDC Sign JV Agreement to Develop Zimbabwe Diamond Deposits

Alrosa, the world’s leading diamond producer in volume has inked a joint venture agreement with the state-owned Zimbabwe Consolidated Diamond Company (ZCDC) to develop diamond deposits in Zimbabwe.

Alrosa will get a 70% controlling stake for the development of greenfield projects, while ZCDC will get the remaining 30%. The new joint venture will work not only within the current licenses of ZCDC but across the country.

Vladimir Marchenko, Alrosa’s deputy chief executive said “We have chosen various projects for the joint venture, and part of them is to be launched this autumn. Of the existing fields for development, we are preliminary considering the areas located in the Chimanimani region,” he said, adding that their specialists have been working in Zimbabwe for more than three months.

According to the JV, in case a new prospective area is discovered, the company will contact directly the Zimbabwe Ministry of Mines and Mining Development requesting a new license for this area. Apart from being engaged in geological exploration of greenfield deposits, the joint venture will in future go for diamond mining and independent sale of rough diamonds in external markets.

Mines to Market
the authorMines to Market
Prashant Rathod

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