Zim Mines Minister: Govt Has Received $260M From Marange Diamonds Since 2006

Mining and Exploration
30/10/2015 09:27

Zimbabwe’s Treasury has so far received nearly $260 million in dividends over nine years from diamond companies operating in Marange in which it has shareholdings, according to comments made to the country's Parliament by Mines Minister Walter Chidhakwa. However, Finance Minister Patrick Chinamasa in April this year told a parliamentary committee that the Treasury has not received royalties — a levy based on production — from the diamond sector, especially Marange firms. Diamond firms are required by law to remit 15 percent royalties to government and 2.5 percent depletion fees to the Zimbabwe Mining Development Corporation (ZMDC).