The identification of Russian mining giant Alrosa as a partner in diamond exploration and mining partner in Marange by President Mnangagwa has been described as one of the best deals that will take the country to the global stage in diamond mining.
The other foreign participant in the diamond sector is Anjin- an equally reputable Chinese company.
Addressing journalists in Harare on Tuesday, Information,Publicity and Broadcasting services minister Monica Mutsvangwa said the Joint Venture Company (JVC) agreement between Zimbabwe Consolidated Diamond Mining Company (ZCDC) and Alrosa will catapult the local diamond mining industry to dizzy heights.
“The joint venture is beneficial to the government and ZMDC has 30 percent stake which is subject to renegotiation as time goes on.
“The company is an expert in exploration, mining and beneficiation.
‘Already they put in US$12 million equity for exploration and they will take us to the global league of diamond mining,” said Mutsvangwa.
The Zimbabwe National Diamond Policy that was approved by Cabinet on December 4 last year, states that ZCDC, Murowa Diamonds and two other companies, would be permitted to undertake diamond exploration and mining.
It was understood that alluvial diamonds had dried up in Marange and the coming of world’s giants such as Alrosa that specialises in exploration, mining, manufacture, and sale of diamonds heralds the dawn of a new era in diamond extraction for Zimbabwe.
The company, which was formed in 1992 and employs about 40 000 people across the globe, says it leads the world in diamond mining by volume. Alrosa generated revenue of $4,63 billion in 2017.