Zimbabwe sees no radical change for possession of platinum and diamonds :: Kenya

LONDON – Zimbabwe does not intend to change its ownership rules for diamonds and platinum, said Monday its mines minister, urging some miners to open the property at the announcement of the establishment of mining structures in the coming weeks.

In March, Zimbabwe changed its empowerment law by limiting the state's majority ownership rules to diamond and platinum mines, rather than the mining sector as a whole.

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Speaking at the sidelines of an investment conference in London, Minister of Mines and Mineral Development, Winston Chitando, told Reuters that there would be "no change" for diamonds and platinum when he was asked questions about industry speculation about the possibility of loosening the rules of indigenization.

A leader of a young miner developing a project in Zimbabwe said that, under the guise of anonymity, he still thought that there might be some flexibility if the miners were investing heavily in the community local.

Zimbabwe has organized a series of conferences in Africa and London since the overthrow of longtime President Robert Mugabe at the end of 2017, raising hopes that a mineral-rich country, Africa southern, become more investor friendly.

Progress has been slow, but Chitando said his country is committed to change and that in the coming weeks it will implement policies on a variety of minerals, including diamonds and diamonds. 39; gold.

Although the rules of indigenization – insisting that the state holds 51% of the platinum and diamond mines – remain in place, Mr Chitando said the diamond policy would focus on the development of greater value of the industry.

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For example, the government is trying to ensure that the size and polishing of the stones take place in Zimbabwe rather than in other countries.

Most of the diamond deposits are in Marange, in eastern Zimbabwe, where production is dominated by the Zimbabwe Consolidated Diamond Company, a state-owned company. It is expected to produce 3.5 million carats this year, up from 2.5 million in 2017.

In early 2016, Mugabe's government expelled all diamond mining companies, including two Chinese companies from Marange, stating that their licenses had expired after refusing to merge under the newly-created public mining firm.

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