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Zimbabwe to Consolidate Marange Miners by the End of 2015

Jul 29, 2015 10:45 AM   By Rapaport News
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RAPAPORT... The seven diamond mining companies operating in Zimababwe's Marange diamond fields will be consolidated into a single government-owned entity by the end of the year, the country's mining minister told New Zimbabwe on Monday.

  • The seven companies Mbada Diamonds, Anjin, Marange Resources, Gye Nyame, Kusena, Jinan and the Diamond Mining Company will be merged into a new entity called the Zimbabwe Consolidated Diamond Company that is 50 percent state-owned. 
  • All companies slated for consolidation have been called by the government to hold extraordinary general meetings (EGMs) to provide audited financial statements and a formal response to the government's call for consolidation.
  • Walter Chidhakwa, Zimbabwe's minister of mines and mining development, said that EGMs would be held with each of the companies during the first two weeks of August. He added that companies that choose to decline to participate in the government's consolidation plan will be told it is time to "bid farewell."
Tags: Chidhakwa, expropriation, Marange, New Zimbabwe, Rapaport News, Zimbabwe
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