President Emmerson Mnangagwa on Tueday presided over a signing of a Memorandum of Agreement between the Zimbabwe Consolidated Diamond Company and Alrosa of Russia to establish a joint venture partnership for diamond exploration, mining and marketing.
The deal, which was first approved by cabinet before the signing ceremony is envisaged to help the country access to advanced exploration and mining technology and technical capacity under the command of Alrosa, a leading diamond mining company.
Information minister Monica Mutsvangwa said from the deal, Zimbabwe was set to benefit from Alrosa’s investment across the entire diamond value chain from exploration to sales and marketing.
“Mitigation of constraints in the Zimbabwe diamond sector, such as, limited market development, diversity and depth; and unlocking the huge diamond sector potential, which will ensure significant contribution to the fiscus, foreign currency generation, job creation and general economic development,” said Mutsvangwa
The minister said Alrosa has already advanced US$1.6 million for the operationalization of the joint venture and pledged to avail other funding needs as equity for mining development and equipment acquisition