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.