Even if state-level cooperation and private investment in the most lucrative sectors of Zimbabwean production are growing between Zimbabwe and Russia, some Russian businesses are exiting the market and selling their holdings there.
For instance, numerous businesses recently sold for $90 million. These diamond mining firms are permitted to operate in Bulawayo.
Several reports claim that the sale was completed quickly; the reasons behind this have not yet been made public. The amount paid by the buyer, who has not yet been named, was decreased due to the urgency with which the sale needed to be completed. The issue of whether the company’s change in ownership will affect the way the mines are run comes up.
In Zimbabwe, one of the most significant economic sectors is the diamond mining industry. Zimbabwe will generate the seventh-most diamonds in the world in 2022, according to GlobalData, with a 19.2% decrease in production from 2021. Zimbabwe’s output grew at a CAGR of 14% per year from 2011 to 2021, and between 2022 and 2026, it is predicted to expand at a CAGR of 3% per year. The mining industry is viewed as a major contributor to economic prosperity in the mineral-rich nation of southern Africa in general.
The largest platinum project in Zimbabwe is facing a new hurdle as a result of the Russian holding Vi’s retirement from the Zimbabwean platinum firm Great Dyke Investments. The construction of underground mine workings for PGM extraction as well as processing facilities is part of the Darwendale mining project.
But in the same year, the Zimbabwean diamond miner ALROSA from Russia found 22 fresh diamond discoveries.
By Alfred A. Musonda, CEO/Editor, Champions group. Tel:(+7 911 634-59-04), email:newsland247@gmail.com.
