ALROSA to double investment in Zimbabwe’s diamond sector

ALROSA, the world’s largest diamond producer by output, has announced plans to double its initial investment in its joint venture with the Zimbabwe Consolidated Diamond Company (ZCDC), in a move that underscores growing confidence in Zimbabwe’s mining sector. Mr. Pavel Marynichev, CEO of Alrosa Joint Stock Company, revealed the investment boost following a courtesy meeting with President Emmerson Mnangagwa at State House in Harare yesterday. He stated, “We are ready to work in the Republic of Zimbabwe and we are ready to move forward. The planned investments between our companies have been doubled, and by the end of 2025, the total investments will be doubled compared to the previous agreements.”

Zimbabwe’s mining sector has made significant strides in recent years, with production increasing from US$2.7 billion in 2017 to over US$12 billion currently. This growth has been driven by favourable investment regulations and the country’s rich mineral resources, including gold, platinum, diamonds, and lithium. The mining sector is expected to play a key role in Zimbabwe’s goal of achieving upper-middle-class economic status by 2030.

Despite having over 60 recorded minerals, Zimbabwe actively exploits only 10, with the rest requiring further exploration and resource definition. ALROSA’s expanded involvement in Zimbabwe’s diamond industry is set to bolster the country’s mining sector and further attract international investors to its untapped mineral wealth.