Obviously buoyed by return of investor confidence in the economy, as well as bullish mood in the global diamond market, Zimbabwe Consolidated Diamond Company (ZCDC) is planning to increase its production capacity and make the most of the recent positive developments.
One of Zimbabwe’s top publications The Independent reports that the state-owned ZCDC will commit US$200 million in 2018 towards opening new mines in the eastern province of Manicaland, as part of its mine expansion initiative, as well as mineral exploration.
In an interview with the publication, ZCDC’s chief executive, Morris Mpofu, said: “Extensive investment has been made in exploration and resource evaluation to discover and validate new diamond resources and reserves across the country.”
Mpofu explained that ZCDC had made extensive investment in exploration and resource evaluation “to discover and validate new diamond resources and reserves across the country”.
Currently, ZCDC has operations at Chiadzwa and Chimanimani. As part of the expansion initiative, three mines will be opened in 2018.
The state-owned diamond miner projects an expenditure of $400 million towards expansion to increase production by 2022. The company’s target is an output of 400 000 carats of diamond every month.