STATE-OWNED diamond mining firm, Zimbabwe Consolidated Diamond Company (ZCDC), has produced more than 1,5 million carats of diamonds to date from the beginning of the year, CEO Morris Mpofu has said.
BY MTHANDAZO NYONI
Mpofu told delegates attending the Zimbabwe National Chamber of Commerce business awards ceremony in Victoria Falls last week that the company was ramping up production.
“The Zimbabwe Consolidated Mining Company has its vision 2025, which is aimed at investing a total of $400 million from 2018 to 2025 to build the necessary capacity across the entire diamond value chain from restoration, mining, to processing and diamond value management,” Mpofu said.
He said the business strategy was part of the corporate entrepreneurship, enterprise development and sustainable business growth that “we are talking about to create the necessary mineable diamond resources and achieve diamond production levels of up to 10 million carats per year from 2022”.
This, Mpofu said, would place Zimbabwe among the top five world rough diamond producers.
“This year, 2018, ZCDC has a strategic intent to grow its production to three million carats from 1,7 million carats that were produced last year,” he said.
“We are already half of the year and we have already surpassed half of this production level, which means it’s something possible to achieve.”
Diamond production this year is projected to increase to 3,5 million carats after slumping to an all-time low of 2 million carats from peak levels of 12 million carats.
In the first quarter of 2018, ZCDC registered an 80% rise in its production compared to the same period last year after producing 751 303 carats compared to 422 518 carats mined in the same period last year.
The first quarter haul was 25% above the 600 000 carats target ZCDC had set for itself for the period.
ZCDC was formed following the decision to consolidate all diamond mining firms in Zimbabwe to form a wholly-owned government company.
The consolidated company was established with a view to ensure transparency, accountability and optimal commercial exploitation and marketing of Zimbabwe’s diamonds.