Alrosa and Zimbabwe Consolidated Diamond Company (ZCDC) have signed a number of agreements to finalize the creation of a joint venture for prospecting and exploration works for primary diamond deposits in the Republic of Zimbabwe.
According to the agreements, Alrosa owns 70 percent of Alrosa (Zimbabwe) Limited JV, with state-owned ZCDC getting 30 percent.
The Russian mining company established Alrosa (Zimbabwe) Limited in December 2018. In July 2019, ALROSA and ZCDC signed a memorandum of agreement to transform it into a JV for prospecting, exploration and, in case of success, mining of primary diamond deposits in Zimbabwe.
"We are focused toward productive prospecting and exploration for primary diamond deposits in the Republic of Zimbabwe," said Alrosa CEO Sergey Ivanov. "Signing current agreements allows us to form the company's administration and to initiate procedures required to get necessary permissions and licenses."