Industry News by Nemesis

RioZim’s Murowa To Explore For Diamonds, Returns To Profitability

April 4, 2018

RioZim is expected to start diamond exploration this month on its 3,000-hectare piece of land in Chivi, as part of its expansion drive, according to a local daily.


The Herald newspaper quoted company chief executive Bhekinkosi Nkomo as saying that they were currently clearing the land where new drilling equipment would be commissioned.


He said the company was also negotiating for allocation of additional land to increase chances of finding diamonds given that seven years of exploration at Murowa found three kimberlitic pipes.


“We have engaged the Minister of Mines and Mining Development, we are also in discussions with other ministries such as that of lands,” said Nkomo.


“We made a presentation to the Parliamentary Portfolio Committee on Mines and Energy, we also invited them to our operations at Murowa so that they tour and see the actual activities and what it takes to run a diamond mine.”


Meanwhile, Murowa recorded a profit after tax of $1.4 million last year compared to a loss of $267,000 in 2016.

 

Source: Rough&Polished

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