Alrosa Launches $12m Exploration in Zimbabwe
July 22, 20
(IDEX Online) - Alrosa is investing $12m seeking out new diamond reserves in Zimbabwe.
The Russian state miner announced a joint venture in December 2018 with the national miner Zimbabwe Consolidated Diamond Company (ZCDC), and is now embarking on two-years of prospecting and preliminary exploration works for primary diamond deposits.
Zimbabwe is hoping to exploit its rich diamond reserves and treble production to 11m carats a year, as it tries to revive an economy crippled by triple-digit inflation and high unemployment. Two years ago it allowed foreign miners to operate in the country for the first time.
Preliminary works will start this month in in Masvingo, Matebeleland South and Matebeleland North provinces, with bulk sampling and drilling due to commence in 2021.
"We are progressing well towards the initiation of the full-scale prospecting works this year," said Vladimir Marchenko, Alrosa's deputy CEO.
Alrosa (Zimbabwe) Limited JV is 70 per cent owned by Alrosa and 30 per cent by the Zimabwean government.
Generic pic of Alrosa ore loading