The Zimbabwean government is set to inject $50 million into Diamond Mining Corporation (DMC), a joint venture between some Lebanese investors and the state-owned Zimbabwe Mining Development Corporation (ZMDC).
Company project manager Ramzi Malik was quoted by Zimbabwe Independent as saying that the cash would be channelled towards capital equipment, thereby increasing production at its Marange mine threefold.
DMC had capacity to produce 7 200 carats a day worth about $300 000, Malik said.
“We are currently producing, tonnage wise, 50 000 tonnes per month. With the modifications and updates, we are projecting we will be able to do an average of hopefully 150 000 tonnes per month, which will give us an average of hopefully 150 000 to 200 000 carats per month,” he told the weekly paper.
DMC had to date conducted two local and two international auctions after being declared copliant with the Kimberley Process minimum requirements in January this year.
“We have achieved record sales figures to date with other sales scheduled before the end of the year,” said Malik.
“These figures could have been significantly higher if not for the downturn in prices on the international diamond markets, restrictive measures of Office of Foreign Assets Control and challenges sanctions imposed on us and our consumers.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
