Zimbabwe is planning to more than triple its diamond output to 11 million carats by 2023 from 3.2 million carats last year, according to the mines minister.
This is part of the country’s plan, which was launched Monday, to raise mining output and rake in $12 billion a year.
Minister Winston Chitando said production by four companies, including Russia’s Alrosa and Chinese-owned Anjin, will help drive up diamond output, mostly from Marange.
UK-listed Vast Resources is also set to sign a joint venture with the Zimbabwe Diamond Consolidated Company (ZCDC) this week to search for diamonds in Marange.
Zimbabwe’s government has previously set ambitious targets on mining production but output has rarely met those goals because investors often cite archaic investment regulations and uncertainty over the safety of their investment, according to Reuters.