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ALROSA Gets 70% Stake In JV With Zimbabwe’s ZCDC For Diamond Mining

ALROSA and Zimbabwe’s state-owned diamond miner Zimbabwe Consolidated Diamond Company (ZCDC) have signed a joint venture agreement to develop diamond deposits in Zimbabwe. The agreement, gives ALROSA a 70 percent controlling stake for the development of greenfield projects with ZCDC.

The agreement was signed by ALROSA Deputy CEO Vladimir Marchenko and ZCDC Non-Executive Board Chairman Killian Ukama. Zimbabwe President Emmerson Mnangagwa and ALROSA CEO Sergey Ivanov attended the signing ceremony.

The joint venture will begin by exploring prospective areas for greenfield deposits. The agreement extends into full-scale diamond mining and the independent sale of rough diamonds in external markets.

The new joint venture will be able to work not only with the licenses ZCDC has today, but also in the territory of the whole country. In case a new prospective area is discovered, the company will contact directly the Zimbabwe Ministry of Mines and Mining Development requesting a new license for this area.

In December 2018, ALROSA established an affiliated company, ALROSA (Zimbabwe) Limited, for the implementation of projects in mineral prospecting, exploration and mining operations with a view to creating joint diamond-mining and other mining enterprises.

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