14 January 2013

Zimbabwe: ZMDC Denies Meikles Partnership

The Zimbabwe Mining Development Corporation has dismissed reports it has partnered listed diversified group Meikles Limited to mine diamonds in the Marange fields. Unconfirmed reports had said the two parties were allocated a piece of land on the confluence of the Odzi and Save rivers in the diamond-rich area.

"There is no partnership to mine diamonds between ZMDC and Meikles. They (Meikles) have probably applied to the ZMDC management to be considered for a joint venture," ZMDC board chairman Mr Godwills Masimirembwa said.

Last year, Meikles announced that it had formed a mining arm, Meikles Resources. According to the group's interim results for the period to September 30, profits from Meikles Resources were expected to exceed those anticipated for the entire group.

ZMDC is already in diamond mining joint ventures with Chinese investors Anjin Investments, Diamond Mining Corporation and Mbada Diamonds.

According to a report in Forbes Magazine, Zimbabwe has the bright future in the diamond industry and could easily supply 25 percent of the world's supply by value and 30 percent by volume by 2015.

A leading local research firm Equity Communications also said the country accounted for 8,9 percent of global rough diamond production in 2011, producing 11,1 million carats out of 125,6 million carats produced globally.

New Ziana

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