News

Advanced Search

Zimbabwe to Consolidate Marange Miners by the End of 2015

Jul 29, 2015 10:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... The seven diamond mining companies operating in Zimababwe's Marange diamond fields will be consolidated into a single government-owned entity by the end of the year, the country's mining minister told New Zimbabwe on Monday.

  • The seven companies Mbada Diamonds, Anjin, Marange Resources, Gye Nyame, Kusena, Jinan and the Diamond Mining Company will be merged into a new entity called the Zimbabwe Consolidated Diamond Company that is 50 percent state-owned. 
  • All companies slated for consolidation have been called by the government to hold extraordinary general meetings (EGMs) to provide audited financial statements and a formal response to the government's call for consolidation.
  • Walter Chidhakwa, Zimbabwe's minister of mines and mining development, said that EGMs would be held with each of the companies during the first two weeks of August. He added that companies that choose to decline to participate in the government's consolidation plan will be told it is time to "bid farewell."
Tags: Chidhakwa, expropriation, Marange, New Zimbabwe, Rapaport News, Zimbabwe
Similar Articles
De Beers rough and polishedDe Beers Optimistic After 2019 Earnings Slump
Feb 20, 2020
De Beers gave a positive outlook for 2020 due to an improvement in the industry’s inventory situation, despite growing
Angola roughAngola’s Rough Revenue Rises in 2019
Feb 16, 2020
Revenue from Angola’s national diamond-trading company, Sodiam, rose 6% in 2019 as the company sold a higher volume
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.