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Zim frets over diamond sector secrecy

Harare - The Zimbabwean government has expressed concern that diamond mining in the country is shrouded in secrecy, with nothing going to government coffers.

The government has threatened to merge all but one diamond mining firm in the controversial Chiadzwa fields.

Mines Minister Walter Chidhakwa suggested that only one company could survive the purge expected on diamond mining operations in Chiadzwa, amid fears that government is losing millions of dollars because of lack of transparency in mining operations.

Chidhakwa said government is looking at a company with a proven record on social responsibility and strongest capabilities be it mining receipts, equipment, marketing or human resources.

Currently they are seven companies in Chiadzwa namely Mbada Diamonds, Marange Resources, Anjin Investments, Diamond Mining Company, Anjin, Kusena and Gye Nyame.

Meanwhile, Mbada Diamonds said it has made US$1bn in gross revenue since the mine started operating four years ago.

As at January 31 2014 the corporate had generated $1 036 424 000 in gross revenue.

In a statement Mbada said the company had paid $424m in taxes, dividends and advances to government and spent nearly $34m on corporate social responsibilities.

The firm used $214m in capital expenditure, $225m in direct production and related expenditure and $138m in operational expenditure.

Mbada also has 1 700 employees, making it the largest mining employer in Zimbabwe.

 - Fin24
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