Marange gem miner in ‘survival mode’ - Zimbabwe Situation

Marange gem miner in ‘survival mode’

via Marange gem miner in ‘survival mode’ 10/03/2014 NewZimbabwe

CHINESE firm, Anjin Investments, has revealed it was struggling to keep its operations running due to falling ore grades and recoveries at its diamond concession in the Marange gem fields.

Anjin director Retired Brigadier Munyaradzi Machacha said the company was literally in “survival mode” despite investing more than US$400 million into its operations in Zimbabwe.

“Right now the company is in survival mode. We are really in serious financial problems and our primary objective at the moment is to make sure that the company survives,” he said.

“Our resources have dwindled, our revenues are down. The ore we are mining we are recovering the low grade diamonds which are not fetching much on the market in terms of prices. Our prices are probably the lowest in the Marange area.”

Anjin has produced 7, 8 million carats of diamonds since it started operations in 2010 with 6,8 million carats sold to date.

At peak production in 2011, the company produced 350,000 carats. It has capacity to process 12,000 tons of ore per day.

Finance Manager, Shingirai Manyeruke said last year the company only managed to conduct two auctions.

He said the company hoped to return to financial stability if it is granted additional concessions to mine from.

Anjin is a joint venture between China’s Anhui Foreign Economic Construction Company Limited and the Zimbabwe Mining Development Corporation.

The China/Zimbabwe joint venture started mining diamonds at Marange in July 2010, but received permission recently from the Kimberley Process to export its rough diamonds.

The company reportedly has a stockpile of some 3 million carats.

 

COMMENTS

WORDPRESS: 4
  • comment-avatar
    Roving Ambassador 4 years

    Do I feel sorry for the colonizer, feel sorry for thieves.
    Pasi nevatengesi.

  • comment-avatar
    Jake 4 years

    The solution chaps….you have to start digging and scratching, deep down to get at them gems. The easy stuff is gone now.

  • comment-avatar
    Jenandebvu 4 years

    Its a false appeal for sympathy, and the drive to divert the attention of Zimbabweans froom looting. The easy pick diamond is still there, if its not, then allow the people of marange community to use their the grazing fields, thei hunting grounds, the rivers for washing and bathing. What are your still doing in an empty unworthy diamond field? Could it be that you want to use it as a training ground for another 5th brigade

  • comment-avatar
    Ruramai 4 years

    So, Anjin only wanted easy pickings? Mr Machacha, why didn’t your company invest in appropriate machinery capable of mining deeper underground? What was your long term strategy?