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RAPAPORT... Zimbabwe has been working toward greater financial transparency and, in particular, tracking diamond dividends as part of a long term economic development agreement with the International Monetary Fund. Given this, the country's Finance and Economic Development Minister, Patrick Chinamasa, in presenting the 2015 budget, proposed that the Zimbabwe Mining Development Corporation (ZMDC) publish annual financial reports, according to the government-run newspaper, The Herald.
The ZMDC, a state-owned entity that is under U.S. sanctions, holds interests in diamond mining firms Marange Resources, Mbada Diamonds, Diamond Mining Corporation, Anjin Investments, Jinan Mining, Kusena Diamonds, Rera Diamonds and Gye-Nyame Resources. The group also owns other mineral mining operations across the country.
The minister stated that full financial transparency was a critical step in attracting mining investments to further develop the nation's natural resources. "Accordingly, ZMDC will be required to produce and publish annual audited financial statements in fulfillment of legal requirements under the Companies Act," he was quoted saying.
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