Industry News by Nemesis

Zim Negotiations: ALROSA Accused of Making “Unreasonable” Demands

September 25, 2019

Russian diamond giant, ALROSA, which is still negotiating with its new joint venture partner, Zimbabwe Consolidated Diamond Company (ZCDC), has been accused of making “unreasonable” demands.


The world’s leading diamond producer’s demands include paying a low fee for lucrative claims, according to the Standard newspaper.


ALROSA signed an agreement with ZCDC in July, which will see it releasing about $12 million for diamond exploration.


The world’s leading diamond producer in volume terms will get a 70% controlling stake for the development of greenfield projects, while ZCDC will get the remaining 30%.


The new joint venture is expected to work not only within the current licences of ZCDC, but across the country.


ALROSA deputy chief executive Vladimir Marchenko said at the time that of the existing fields for development, they were preliminary considering the areas located in the Chimanimani region.


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.

 

Source: Rough&Polished

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