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Mugabe Touts Diamond Prospects

Jul 13, 2010 12:53 PM   By Jeff Miller
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RAPAPORT... President Robert Mugabe opened Zimbabwe's Parliament by addressing the economy and the country's top business sectors.  Mining is growing into an important sector as the nation works to sustain a 5 percent growth rate or better. Mugabe told members of Parliament that the mining sector itself would grow more than 20 percent, given increased investment.

The Mines and Mineral Amendment Bill, which was introduced to Parliament in 2007, will be brought forward for discussion once again during this new session. The legislation will discourage speculation, facilitate investment in the mining sector by both local and foreign investors and ensure that the country derives maximum benefits from its vast array of minerals, Mugabe said.

He contended that Zimbabwe is projected to contribute around 25 percent of the global diamond output.

"There are huge prospects for the diamond subsector to emerge as a major driver of the country's economic turnaround," Mugabe stated. 

The president also told Parliament that Zimbabwe had fulfilled the Kimberley Process' (KP) minimum requirements.

"However, those ill disposed to us have not given up on the use of absurd conditionalities and other dilatory tactics in a bid to block the sale of our diamonds," Mugabe said. "Let there be no doubt whatsoever about our resolve to sell our diamond for the benefit of our country."

Additional reporting provided by AcquireMedia.

LH

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