Consolidated Diamond Company eyes US$500m revenue this year

Zimbabwe Consolidated Diamond Company which is a Private Limited Company wholly owned by Defold Mine (Pvt) Ltd which has 100% shareholding is eyeing US$500 million this year.

The Company has mining operations in Manicaland in Mutare’s Chiadzwa area and in Chimanimani.

And according to the Zimbabwe Economic Review, the company expect to rake in over US$500m from the 5,3m carats that the firm is anticipating to get this year.

“Last year, we realised about 4,2 m carats of diamonds from our mine at Chiadzwa and they fetched US$220 m but we expect to rake in over US$500m from the 5,3m carats that we anticipate to get this year.

“We estimate that our concessions at Chiadzwa hold about 32 million tonnes of diamond resource that can last us up to 40 years, but at the moment, proven economically recoverable resources at the mine can last about 12 years, which will increase with more exploration,” reports the Zimbabwe Economic Review quoting the company.

The Company is conducting exploration and resource evaluation programs across Zimbabwe and expects to open new mines in other parts of the country soon.

ZCDC was issued with Special Grants 6026 and 6460 which vests mineral rights to carry out mining operations for diamonds in Chiadzwa and Chimanimani respectively.

Zwnews