ALROSA Zimbabwe will drive total investments in this country to about $17 million

(FINMARKET.RU) - The joint venture between ALROSA and Zimbabwe engaged in the exploration of diamond deposits in this southern African country plans to start diamond production in the near future, said Alexander Kozlov, head of Russia’s Ministry of Natural Resources following a meeting of the Russian-Zimbabwean intergovernmental commission. Russia is also interested in mining metals in this country.
As Kozlov told Interfax, ALROSA Zimbabwe has received 39 exploration licenses with a maturity date of 2022. The total investment in exploration will amount to $16.7 million.
In 2020, ALROSA entered into a cooperation agreement with the Zimbabwean state-owned Zimbabwe Consolidated Diamond Company. The joint venture, in which ALROSA owns 70%, focuses on prospecting, exploration and, if successful, development of primary diamond deposits in Zimbabwe. ALROSA estimated investments in this joint venture at $12 million over two years.
"For our part, we see the existence of significant prospects for expanding the dialogue in the field of mining," Kozlov said.
According to him, domestic companies are showing interest in activities for the geological study of promising areas in Zimbabwe, prospecting and exploration of deposits, exchange of experience and technology regarding the ongoing operations.
"We see prospects for joint work to replenish scarce minerals with the involvement of Russian subsoil-user companies, such as manganese, chromium, beryllium, lithium, and rare earth metals," the minister added.