- May 1, 2019
- Posted in LOCAL
RioZim group associate, Murowa Diamonds (Private) Limited, despite the group’s gold production for the year 2018 regressing by 13 percent to 1.792 tons which is less than the 2.071 tons achieved in the prior year, managed to maintain its momentum from the previous year and produced 740,244 carats from 732,045 carats.
According to a statement issued by the group’s chairperson Mr Lovemore Chihota, the diamond company posted a profit of USD 10 million, the magnificent performance of the mine was as a result of the mine producing 740, 244 carats against the previous year’s production of 732 045 carats.
“The Group’s associate Murowa Diamonds (Private) Limited (“Murowa”) posted a profit of USD 10 million. Murowa’s stellar performance was depicted in an increase of diamond production to 740 244 carats against prior year’s production of 732 045 carats” he said.
According the statement, the Mine’s profits were also necessitated by the courts’ declaration that the alleged ground rental fees were ultra vires the Mines and Minerals Act [Chapter 21:05] had a positive impact on the viability of the associate’s business. The associate contributed positively to the Group’s results with a share of profit of USD 1.5million (2017: USD 1.4million).