Senior Zim Diamond Firm Officials 'Fired Over Diamond Forecast Misrepresentation'

Mining and Exploration
06/06/2016 08:51

Zimbabwe Consolidated Diamond Company (ZCDC) CEO Mark Mabhudu and Finance Director Stewart Musekiwa have been fired just months after being appointed. The two officials "allegedly misrepresented production forecasts" to government. There were also allegations of corruption and nepotism at the company, according to The Standard newspaper. The ZCDC, a merger of the companies mining in the Marange deposits, is failing to achieve the targets set for it, according to the report.

While Mines and Mining Development Minister Walter Chidhakwa claimed the country would sell billions of dollars of diamonds annually in the coming decade, ZCDC last month mined just 120,000 carats of poor quality diamonds sold in the May tender for just $5.5 million with only $1.1 million ending up in the Treasury while the rest went to pay royalties, management fees, administration and marketing costs, the report added.