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Diamond Mining Corp. Seeks New Marange Concessions

Feb 20, 2012 1:11 PM   By Jeff Miller
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RAPAPORT... The Diamond Mining Corporation, a joint venture between Zimbabwe and Pure Diam of Dubai, reportedly asked the government for additional diamond concessions in the Marange since the lifespan of its current operations was only expected to be four years at the present rate of production.

The Zimbabwe Standard reported that the Diamond Mining Corp.'s deputy general manager, Gilliam Sithole, told Prime Minister Morgan Tsvangirai recently that the company produced 611,585 carats of rough diamonds so far. Sithole added that even with an average grade of 1.34 carats per tonne of ore processed, the amount was  "generally lower than the grades" obtained in the region.

"In order to improve on the return of investment of Diamond Mining Corp., the government should consider allocating a concession with diamondiferous conglomerates, which have been known to carry a grade averaging plus or minus 6 carat per tonne," he was quoted saying.

Pure Diam has reportedly contributed $35 million towards developing its Marange concession in partnership with the Zimbabwe Mining & Development Corporation (ZMDC), which is under sanctions by the U.S. and E.U.  Production from the concession is being sold to the global diamond market. This production may not be purchased by entities based in the U.S. or E.U.

Tags: diamonds, Jeff Miller, minerals, pure diam, Zimbabwe
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