Industry News by Nemesis

ZCDC to Boost Government Coffers

April 13, 2016

The Zimbabwe Consolidated Diamond Company (ZCDC) is set to increase revenue inflows into the Zimbabwean government’s treasury, according to a report on allafrica.com.

 

Mines minister Walter Chidhakwa recently said that instead of waiting six months or up to a year to declare dividends to the government, the company would transfer funds each month. Chidhakwa added that ZCDC would set aside money for running the company, exploration and development from the proceeds of diamond sales, and that the remainder would be channeled to the treasury.

 

Amid disquiet that the banishing of the mining companies from the Marange diamond fields and the negative affect it has had on the local population, Chidhakwa reassured workers and villagers that they had not been forgotten.

 

In a new move, ZCDC will take over Russian-owned DTZ-OZGEO diamond claims in Charleswood, Chimanimani, and after proper evaluation, pay compensation for all the machinery and equipment.

 

Source: Idex

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