Industry News by Nemesis

Lovemore Chihota to Boost Gem Output

November 17, 2015

Lovemore Chihota, president of Rio Zim Ltd., has drawn a lot of attention to his firm in recent days. A few months after acquiring Rio Tinto’s majority stake (78%) in the Murowa diamond mine, the management of RZ Murowa Holdings (an affiliate of RioZim) plans to boost production in the final quarter of this year.


That’s quite a challenge because the mine was idle in the first quarter of this year and output the first half reached just 99,000 cts, nearly two times less than in same period 2014 (196,000 cts). There’s also uncertainty over how so-called “consolidation” reforms introduced by the government will play out.


The new law calls requires Murowa, like other private companies, to buy stakes in a new state entity, the Zimbabwe Consolidated Diamond Mining Corporation. The size of the stakes will match their assets. 


Source: Africa Intelligence

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