20 newly discovered Zim diamond deposits up for gr...

20 newly discovered Zim diamond deposits up for grabs

Russian miner Alrosa PSJC will only be allowed to work two of the newly discovered deposits, leaving the other 20 available for other investors, the Zimbabwean government has said.

This was said by the Ministry of Information, Publicity and Broadcasting Services.

The 22 newly discovered deposits were announced by President ED Mnangagwa during his visit to New York for the 77th Session of the United Nations General Assembly.

Alrosa is expected to start mining soon.

Information spokesperson Nick Mangwana said on his Twitter handle that the President ED Mnangagwa met with highly resourced fund managers who administer multi-billions of dollar funds who are enthusiastic about Zimbabwe and a group is coming on the 11th (of October).

In June this year Russian Natural Resources and Environment Minister Alexander Kozlov announced that Russian companies would be investing US$16.7 million in geological prospecting and exploration in Zimbabwe, following a meeting of the Russian-Zimbabwean intergovernmental commission.

The Alrosa Zimbabwe JV has been granted 39 prospecting permits for 2022. Total investments in geological prospecting and exploration will come to $16.7 million, Kozlov told Interfax.

He also said that Russia could see opportunities in mineral mining:

"We see prospects for joint work with the participation of Russian mineral developers to replenish mineral resources that are difficult to obtain, such as manganese, chromium, beryllium, lithium, and rare-earth metals," Minister Kozlov said.

Russia and China have invested heavily in Zimbabwe over the past few years with mining the prime target sector.