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World Bank: Zim has huge diamond hoard

Dec 13 2012 09:32
Malcom Sharara, Fin24’s correspondent in Zimbabwe
Harare - The World Bank reckons the Zimbabwean government through its wholly owned mining agency ZMDC is in possession of huge diamond stockpiles, which could be worth as much US$5bn.
According to the World Bank Note on Zimbabwean Mining, the stockpiles were accumulated prior to the Kimberly Process certification last year.
The report notes that the quality of the diamonds is low as they are alluvial and therefore average about 25% of the value per carat. 
Overall diamond production is expected to peak at 12 million carats over the next few years, although it is estimated that an investment of $150m could increase production to 15.2 million carats per year by 2018.
However, the World Bank notes that reports of new discoveries in the area could have implications for both the current production and the length of life of the Marange diamond area.
The report notes that in more favourable policy conditions, an investment of $100m could result in production of 1 million carats per year. 

 - Fin24

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zimbabwe  |  mining  |  diamonds


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