Zimbabwe could earn $800 million annually from Marange diamonds – Chidhakwa says

The Marange fields are regarded as one of the world’s richest alluvial diamond deposits, but its resources are depleting, experts say. It was estimated to have produced around 17 million carats in 2013, which was 13 percent of the global rough diamond supply, according to the Zimbabwe Mining Development Corporation.

Marange produced 12 million carats in both 2012 and 2014, while production figures for 2015 are not yet available.

Chidhakwa said measures were already in place to prevent leakages after President Robert Mugabe recently said the country could have lost up to $15 billion in shady diamond deals. ZCDC will only handle finances that meet its operating costs while all surplus revenue it generates will be remitted to Treasury.

The Minister added that the consolidated entity will also remit dividends on a monthly basis as opposed to the annual disbursements, and will have to produce mandatory quarterly financials to enhance accountability of all financial inflows.

“I have already had discussions with the chairman and directors of ZCDC and I have indicated to them that all we want to know is the cost of running ZCDC and we will put it aside, everything else goes to the government.

“(Dividends will be paid) not at the end of a six months period, not at the end of the year but every month. Every month they should be able to declare dividends to the government, and say ‘we have produced so many diamonds, we have set aside so much money for the running of the company, we have set aside so much money for development purposes’ and everything else goes directly to the fiscus.”-The Source

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