Mbada Diamonds produces 12 mln cts in one-and-half years

Mbada Diamonds claimed that it produced about 12 million carats worth $500 million over the past one-and-half years.
The company’s chairperson Robert Mhlanga told the Parliamentary Portfolio Committee on Mines and Energy that they had also contributed about $300 million in revenue to the government over the period under consideration.
His claims followed reports that some diamond mining companies operating in Marange were not remitting their revenue to fiscus.
“Mbada Diamonds is a joint venture between Zimbabwe Mining Development Corporation through Marange Resources and New Reclamation Group through Grandwell Investments and we have generated more than $500 million, of which a gross payment of $293,549,914 was paid to government,” Mhlanga was quoted as saying by Newsday.
“We have produced 11,980,802.65 carats, but in the future we should ensure we have conclusive geological surveys of the whole area we are mining so that we really know to what extent the area we occupy has diamonds.”
Mhlanga said if exhaustive geological surveys were not conducted, there were chances the country could be planning with wrong figures.
He also said that sanctions were affecting diamond mining.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished