Industry News by Nemesis

ALROSA Set to Get 70% Stake in Zim Diamond Project

December 18, 2019

Russian and global diamond giant, ALROSA is set to own a 70% stake of its joint venture with the state-owned Zimbabwe Consolidated Diamond Company (ZCDC), according to the local media.


State-broadcaster, Zimbabwe Broadcasting Corporation (ZBC) reports details of the joint venture between ALROSA and ZCDC will be finalized this month.


Zimbabwe previously barred foreign-owned companies from earning more than 49% in diamond and platinum projects.


However, Harare decided to drop its indigenisation policy following the deposing of the late president Robert Mugabe in 2017.


ALROSA and ZCDC inked a deal last July to explore and mine diamonds in Zimbabwe.
ALROSA chief executive Sergey Ivanov previously said his company will invest an initial $12 million in the venture.


According to him, ALROSA sees a lot of potential and will invest more in the coming years depending on the outcome of the exploration.

 

Source: Rough&Polished

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