Zim to experience bump in diamond output

Harare – Zimbabwe’s diamond output is expected to more than double this year, according to projections by the Zimbabwe Mining Development Corporation.
Output is expected to increase to 16.9 million carats, from 8 million carats in 2012,.
The ZMDC has announced in a statement that it anticipates growth in output of the precious mineral driven by enhanced production from the major diamond producers in Marange.
This comes on the back of figures recently released by the corporation showing that the country in 2012 earned US$684.5 million from diamonds exported by the four companies operating at Chiadzwa diamond fields in Marange.
The four diamond producers in the Marange diamond fields are Mbada Diamonds, Anjin, Diamond Mining Corporation and Marange Resources.
Of the US$684.5m earned, Mbada Diamonds contributed US$308.3m followed by Anjin with US$209.9m, Diamond Mining Corporation US$100.8m and Marange Resources US$236 317.
This brings the total earnings from mineral exports last year to about US$2.54b, inclusive of the US$1.86b that was received from other minerals other than diamonds.
The US$1.86b was contained in the latest figures released by the Chamber of Mines. The US$684.5m earned from diamond exports makes the gem the second highest earning mineral for 2012 after gold, which contributed more than a third of the total exports of US$782.7m.
Platinum was third after the export of 10 524 kilogrammes brought in US$464.5m.
However, in terms of royalties, diamond pumped the biggest amount – US$102 7m – into the fiscus, as diamond revenue is taxed at 15 percent as opposed to the 10 percent levied on other minerals.
In addition to the royalties, diamond mines also paid out dividends to government that other mining companies do not pay.
Apart from exports, the diamond companies received US$10.2 million from local sales to diamond and polishing companies.
The figures show that the Diamond Mining Corporation earned US$5.5m in local sales followed by Mbada Diamonds (US$2.8m), Anjin (US$1.6m) and Marange Resources (US$236 317).

February 2013
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