Mbada Diamonds surpasses $1 billion turnover mark

MBADA Diamonds has surpassed the $1 billion turnover mark with the bulk of the money being channelled towards the fiscus, a company official has said.

Tarisai Mandizha

Addressing members of  the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment last week, Mbada Diamonds chairperson Robert Mhlanga said: “We have exceeded the $1 billion turnover mark and the bulk of the money is for the fiscus.

The bulk of our production and money goes to government funds, with royalties currently at 15%, depletion of resources 5% and other taxations to government.

“Mbada Diamonds has contributed 75% of the revenue in the fiscus. During the crisis over civil servants’ salaries, Mbada was contributing $15 to $20 million a week to the fiscus,” Mhlanga said.

Mhlanga said diamond reserves were still available in Chiadzwa, but recent findings from the latest geological survey indicated that alluvial gravels were now depleting but the conglomerates and kimberlites were deep-seated and too expensive to mine.

Mbada is one of the seven diamond mining companies operating in Marange. The others are Anjin Investments, Diamond Mining Company, Gye Nyame, Jinan Mining Private Ltd, Kusena and Marange Resources.
Some of the miners in Marange also claimed that alluvial deposits were fast running out and companies were required to invest in new technology for conglomerate diamond mining.

“When you mine diamonds it’s a resource which gets depleted. We primarily have been mining alluvial gravels. I am saying with certainty that the resource is depleting, but however we also have conglomerate and kimberlite.

“We have conducted a geological survey, diamonds are there.The conglomerates are deep-seated and kimberlites are even more deep-seated,” Mhlanga said.

He, however, said the only way forward was eventually to mine the diamonds despite the huge costs as returns and quality of the gems were higher.

15 Comments

  1. they looted the easy to mine diamonds and will now be asking the west to come and do the mining. thats where we will now discover that this ideginasation thing will be a struggle.

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  2. l bet if we check with mr chinamasa’s office, he wil claim to have not yet received a single dollar of that money

  3. Mpopoma Magwegwe

    Where is the money?

  4. goodchildgonebad

    MARI MUHOMWE MEMAGOMBIRO MAGOLDFINGERS ANA DIAMONDFINGERS.

  5. Akhomana diamond ine mari! This is just Mbada. There are at least 9 other major operations of this magnitude operating in the country. Gvt could be earning at least 7 billion a year from diamonds chete!! We have not accounted the looting of gold,platinum,tin,chrome,yes chrome, of which Zimbabwe has 95% of world reserves, and now gas revenue,yes gas….In the 1990s, agriculture would easily make 3 times the revenue and contribution to gdp that mining.

    Our leaders have failed! Our middle generation has failed! You have left the younger generation with a crappy education system, with poor job prospects, incredible poverty, we dont even use our bloody currency anymore, and due to corruption, we will not. Our country needs the US dollar in order to function, we have no control over these other currencies, and they continue to deceive us with the perception of growth whilst we continue to have a trade deficit. Go into Spar/OK, half the products are South African, its so expensive to farm, so we continue under production….Companies continue closure, and banks dont have cash… Apo people still think importing things for sale is good business, nxa, we dont have real industrialists…smh

    I would like to warn all these old people that our gdp is less than the annual endowment of Stanford University! Marasha eleadership, regardless of political affiliation !!

    Watch this space, you detractors of our forefathers dream of a great african nation

  6. Wezhira Wezhara

    Assuming zero costs, from $1 billion turnover Mbada would pay(20%) royalties of $200 million leaving profit of $800 million of which Gvt would receive(25%) $200 million in corporate tax leaving profit of $600 million of which Gvt would receive(50%) $300 million in profit share which would add up to $700 million which would translate to the z$20 million a week this guy is saying.

    I don’t buy it. This guy is lying. If Gvt was receiving these monies Biti or Chinamasa would not have said they are not getting this money…

  7. Fiscus yekupi yakaendeswa mari, if Chinamasa cannot get it and Biti didnt get it. Which fiscus is he talking about?

  8. This money was looted, because if it was going into Govt coffers. we would not be in this situation right now. They used it to build multi-million dollar houses, state of the art vehicles and expensive holiday trips to the far east and back; as well as you know the rest. Even a minister bought a Bank….

  9. thats wonderful news, because the chinese are giving us NOTHING. Shame

  10. yu will be a fool to believe what mhlanga is saying . how can u surely say this when chinamasa is saying he didnt get anything. who is lying here . musatidero varume. tell the truth yu just tryinng to buy the presidium in yr attempt to own the whole of marange

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