AMH is an independent media house free from political ties or outside influence We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers Each has an online edition Zimbabwe’s troubled state-owned diamond miner — the Zimbabwe Consolidated Diamond Company (ZCDC) — has plunged into a fresh crisis after its sole shareholder, Mutapa Investment Fund (MIF), vetoed the sale of a critical diamond parcel that had been earmarked to fund salaries and rescue bleeding operations
Confidential documents seen by the Zimbabwe Independent reveal that ZCDC last week informed managers of the looming crisis after MIF — Zimbabwe’s sovereign wealth fund — blocked a desperate attempt to offload diamonds at US$17,17 per carat through a joint venture (JV) partner ZCDC had hoped to channel the proceeds towards June and July But the price offered — well below the US$30,71 operating cost per carat — would have driven the company deeper into crisis MIF rejected the proposed fire sale and ordered the deal suspended, according to correspondence seen by the Independent
It was a rational move by the sovereign wealth fund to protect national assets But it now threatens to paralyse the state miner, which says production was also meant to be funded from the sale “As you may be aware, the JV sales arrangement was up for review on June 15, 2025,” ZCDC chief executive officer Douglas Zimbango told senior staff “The average price per carat was at its lowest for May production at US$17,17 per carat against total operating costs of US$30,71 per carat and production costs of US$23,79,” he said.
Source: Theindependent
