2nd January 2023
Business, Markets
By Agencies
Botswana Diamonds (BOD), the UK-based explorer, says it is seeking joint venture opportunities to seek out new assets in Zimbabwe.
The country relies on diamond mining for around 70 per cent of its foreign currency revenue, but is battling grinding poverty among its 15m population,
John Teeling, chairman of BOD, said in a trading update: “There are significant geological opportunities in the country. The objective is to find a formula, which suits all parties.”
BOD says it is liaising with the authorities in Zimbabwe, and also in South Africa, to acquire exploration assets.
It said a 2019 joint venture with Vast Resources, to develop the Chiadzwa Community Diamond Concession in the Marange diamond fields
In April, Zimbabwe’s Mines and mining development minister Winston Chitando said diamond production for 2021 was almost 4m carats, up from 1.7m carats in 2017 and 2m in 2018.
There are vast diamond reserves in the Marange diamond fields but ongoing brutality against artisanal miners and allegations of wholesale corruption have resulted in embargoes by the United States and the European Union.
Zimbabwe’s government, which is desperate to resume diamond and other sales internationally, faces elections in 2023.
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