The Zimbabwe Consolidated Diamond Corporation mulls engaging partners in its quest to explore new diamond deposits across the country.
Current efforts by the diamond company comes after there has been a target to produce a combined output of 4,6 million carats in 2018 after setting aside an investment envelope of $130 million in an effort to increase production.
The target comes at a time when the country’s biggest diamond company, the ZCDC has invested in conglomerate extraction.
“We are looking at engaging partners as we move out of brownfields projects venturing into greenfield projects. What is lacking at the moment is capital and we need a lot of funding to invest into exploration and discover new deposits. “Without long term capital from banks we also have to rely on foreign investment. We need to look at foreign capital and not only focus on debt,” said ZCDC chief executive Morris Mpofu.
A recent Chamber of Mines of Zimbabwe report said the diamond industry’s two players, ZCDC and Murowa diamonds have planned massive investment to improve their productivity and output.
According to the report both producers reported that they did some exploration work in 2017. Both did on-mine exploration while one of the players also did green field exploration in 2017.
In 2018, both diamond producers are planning to undertake exploration activities.
“One of the producers is planning to undertake mine development in 2018 valued at $61 million,” reads part of the report.
ZCDC contributed 80 percent of diamond output in 2017, while Murowa produced the remainder.
The contribution of diamond to total mineral revenue increased from 5 percent in 2016, to 9 percent in 2017.