Mbada rakes in US$590 million from diamond sales

Mbada Diamonds has generated at least US$592 million from diamond sales since the Kimberly Process Certification Scheme granted it permission to market its gems last year, an official said yesterday.

Mbada received the nod to sell its diamonds on the international market last year after KP review teams visited its operations at Chiadzwa in June 2009 and August 2010, New Ziana reported.

The KP plenary in Jerusalem in November 2010 and the two Kinshasa meetings held in June and November 2011 also confirmed compliance.

Mbada Diamonds Chairman Dr Robert Mhlanga told the Parliamentary Portfolio Committee on Mines and Energy that the company had thrived despite the sanctions the United States imposed on it.

"We have generated to date more than half a billion dollars," he said.

Mhlanga said the company had produced at least 11 million carats of diamonds since commencing production, and had also paid the government US$76 million in royalties while dividends from sales amounted to US$117 million.

"All in all we have paid a total of US$293 million to government in taxes, royalties and other fees charged," he added.

Zimbabwe Mining Development Corporation (ZMDC) chairman Goodwills Masimirembwa said there was a need to invest in exploration of the Chiadzwa area.

"We have over 200,000 hectares in Chiadzwa which have signs of diamonds but there is need for exploration. We are confident that the Marange fields have a long life span but we have to invest in that life. Geological work needs to be done," he said.

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