Zimbabwe state miner seeks $150 million for gold boost
Zimbabwe’s largest gold producer is negotiating with potential partners to boost production at its Shamva mine.
Zimbabwe-based Mbada Diamonds said it has produced almost 12 million carats worth half a billion dollars over the past one-and-half years, after injecting total investments of only $185 million.
Mbada Diamonds chairperson Robert Mhlanga also told the Parliamentary Portfolio Committee on Mines and Energy chaired by Guruve South MP, Edward Chindori Chininga, that sanctions were affecting diamond mining.
The committee wanted Mhlanga to explain corporate responsibility programmes undertaken by Mbada Diamonds and the revenues they were generating from Chiadzwa.
“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 said.
“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.
Justifying their social responsibility activities, Mhlanga said provision of clean water, building of schools and the $1 million Mbada Diamond Cup were indications that they have society at heart.
“A total of $420 000 has been exhausted to ensure the community has access to clean water, we have a state-of-the-art school worth $260 000, we have relocated shopping centres and the business people affected will be paid $900 000, the bulk of $500 000 going to Newman Chiadzwa, we have relocated 85 graves at $250 000, amongst other projects,” said Mhlanga
