ALROSA and the Zimbabwe Consolidated Diamond Company (ZCDC) have signed a number of agreements towards the creation of a joint venture which will undertake prospecting and exploration at primary diamond deposits in the Republic of Zimbabwe.

The Company announced that a shareholder agreement and a JV establishment agreement were signed by Sergey Ivanov, ALROSA CEO, and Killian Ukama, Eng., a Non-Executive Board Chairman of ZCDC. As per the agreements, ALROSA has a 70% stake in ALROSA (Zimbabwe) Limited JV, while the Zimbabwean state-owned diamond mining company ZCDC has a 30% share.

“We are focused towards productive prospecting and exploration for primary diamond deposits in the Republic of Zimbabwe,” said Sergey Ivanov. “Signing current agreements allows us to form the company’s administration and to initiate procedures required to get necessary permissions and licenses. Getting authorisation and first prospecting special grants, JV will be ready to operate. Being a member of Responsible Jewellery Council, World Diamond Council and Diamond Producers Association, ALROSA complies in full with industry commitments on responsible business practices and its own corporate standards. ALROSA is committed to follow these principles strictly while working in the Republic of Zimbabwe.”

ALROSA pointed out that it had established an affiliate company ALROSA (Zimbabwe) Limited in December 2018. In July 2019, ALROSA and ZCDC signed a memorandum of agreement to transform it into a JV for prospecting, exploration and, in case of success, mining of primary diamond deposits in the Republic of Zimbabwe.