Jun 22, 2016

Zimbabwe’s ZCDC Sold More Than 500,000 Cts Since March; Authorities Not Satisfied

Media reports emanating out of Africa said that Ridge Nyashanu, acting Chief Executive  of Zimbabwe Consolidated Diamond Company (ZCDC) --  the  company under which all diamond mining  operations  in the  Marange region were consolidated  earlier in the year  --  told a Parliamentary Committee headed by Dr. Daniel Shumba that  his company had produced and sold  513,000 cts of diamonds  since March.  The total amount remitted to the Treasury on account of this sale was US$ 1 million, Nyashanu is reported to have told the committee.

This performance, other reports stated, were not thought to be up to the mark by the committee. These reports indicated that the Parliamentary Committee  “grilled” Mines Ministry permanent secretary, Francis Gudyanga and Nyashanu; and were reportedly  “disappointed” at the manner in which the ZCDC was set up as well as that it is not “fully operational” at a time when the country is facing a “crippling cash crisis” and   badly needs revenues from one of the  country’s most important resources.