Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Israeli Diamond Industry website reports the governor of Zimababwe’s central bank is proposing that the country sell its diamonds to fund a gold-backed currency to replace the defunct Zimbabwean dollar, which was suspended due to hyperinflation.
The Antwerp-based Diamond High Council estimates that Zimbabwe will become the largest producer of diamond in the world by 2013, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Marange.
The Israeli Diamond Industry reports:
“Dr. Gideon Gono, Chief of the Reserve Bank of Zimbabwe (RBZ), reportedly believes that the US dollar is no longer stable enough to serve as a substitute currency for Zimbabwe.”
The Israeli Diamond Industry reported earlier that Murowa Diamonds, a unit of Rio Tinto, supports the lifting of the ban:
“Murowa Diamonds Managing Director Niels Kristensen saying that Rio Tinto has been “actively working to support Zimbabwe in resolving the problem [of diamond exports, currently under international embargo]” and said that he and Mines and Mining Development Minister Obert Mpofu had traveled to conferences at which they called for Zimbabwe to be allowed to sell its diamonds. “
Great Indaba quoted a former director of the Diamond High Council (HRD), Filip Van Laere, about the Zimbabwean diamond industry in September 2010:
“‘Zimbabwe has five million carats of diamond stocks ready to be put immediately on the international market, which allows the country to gain around 20 per cent of the market share globally,’ Van Laere said.”
2 Comments
Zim mike @zim mike
Comrades we have been behind u through thick and thin we have have endured very hard times.We have now been blessed with diamonds pse let this wealth trickle down to our people they have been patient pse let us rebuild our beatiful beloved country we can do it we have the resources and the manpower.Let us go down in the history books for two things 1 our fight for freedom of our people And 2 lifting our people out of the poverty impossed on us by lforiegn forces. This the last revolution the real revolution let our cry slogan be ‘properity to all zimbabweans’ we need to do this before we go to our graves.
Joao Guedes
40 Million Carats by USD 2 B only ?…
I am not any Expert but I have and Own at present time 21 Million Carats Top Blue, Top White, Yellow, Pink, Etc – VVS1, VVS2, from 4 Cts up to 158 Cts and, I do not sell it all by less than USD 30 Billions. So, how can Zimbabwe Government and His Direct Associates say now what they say ?… WHY THEY DONT SAY ( ZIMBABWE GOV HEADS + EURO THIEVES ) THAT THEY WANT CHEAT THE ZIMBABWE PEOPLE IN MORE THAN 1000 TIMES PLUS AND MAKE ALL THEM THE WORLD AFRICAN SLAVES OF FULL MISERY ?… That is acting and be worst than Blood Diamonds. I sincere dont know if say that I have Shame to be African as I am, or if I have Shame to be within Humans.
Without forget that EUROPEANS TODAY ARE THE REAL WORLD SCAMMERS ( APART OF THIEVES THEY WERE ALWAYS ) BEING TODAY SCAMMING EX THIRD WORLD COUNTRIES SUCH AS BRASIL, CHINA, INDIA, RUSSIA, SOUTH AFRICA THAT ARE WHO ARE FEEDING EUROPEAN UNION ALMOST ALL BANKRUPT.
Why not allow Overseas Companies to Extract Diamonds and, Authorize them to Export just and only 49% Net – upon paid respective Legal Gov Taxes ( BUT DECLARING IT BY REALISTIC PRICES ) and 51% Net of Extraction to be to Cut, Polish, Etc in Zimbabwe, to generate Fortune to Zimbabwe People have better Life Condition, Socially and Humanitarian Speaking, and not be the Ethern Slaves of the Politic Heads Ambitious, that are not more not less than Real Thieves, Praying always to Allah / God and Working always Side by Side with the Evil in favbor of International Crooks, Impostors, Etc.
Sincerely I have to say to God & Jesus Christ that, they pray to “YOU” ( God & Jesus ) just and only to Fuck and Cheat all and everybody in Zimbabwe, as in Africa in General.