Mbada
Diamonds, which produces diamonds in Marange in partnership with the Zimbabwe
Mining Development Corporation (ZMDC), was last week ordered to pay up debts
amounting to $700 000 by the country’s High Court.
The Herald reports that Zimbabwe’s leading diamond company
had failed to defend claims by Tandamanzi Drilling and Hennem Investments for
$230,000 and $469,365, respectively, prompting a judge to rule in favour of the
creditors.
The Daily
reports that additional cases pitting Mbada were yet to be determined by the
High Court.
Mbada recently noted that it intends to lay off more than
100 of its contract workers next month to cut down on expenses.
At its peak, the company employed over 1,700 workers, but
the seizure of diamond revenue in Antwerp had allegedly affected its
operations.
Diamond
miners in Marange were also facing challenges due to the depleting alluvial
diamonds.
Mathew
Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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