Firm to Mine Marange, Zim Agrees to Monitoring Scheme

Posted in News by Admin on November 13th, 2009

South Africa-based New Reclamation will begin mining for diamonds in eastern Zimbabwe this month in a joint venture with government-run Zimbabwe Mining Development Corporation, according to Voice of America news. New Reclamation will reportedly manage the mining of the diamond deposit through its company Grandwell Holdings Ltd. in partnership with Marange Resources Ltd. Part of the land the company will use is held in lease by African Consolidated Resources (ACR), which received court approval to return to the property and mine diamonds. The government however has refused access to ACR despite the court ruling.

Meanwhile, following the agreement to implement a Kimberley Process working plan at Marange there has been stern warnings from key players. Zimbabwe has agreed not to export Marange diamonds until the monitoring mechanism is established. The U.S. Department of State awaits full and expeditious implementation of such controls. The U.S. further expects that if the work plan is not thoroughly implemented, the KP will suspend Zimbabwe.

World Diamond Council chairman Eli Izhakoff said that the agreed upon monitoring plan will consist of rigorous and comprehensive scrutiny during the next 12 months, as the KP works closely with the Zimbabwe to achieve full compliance. “The ability of Zimbabwe to harness its natural resources, including diamonds, for the benefit of its people is our primary concern,” he said. “This is a challenging situation, but one in which determined and focused engagement provides the best chances for a successful outcome.”