Mugabe urges authorities to exercise care in investment

December 19, 2013 4:53 PM

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Wednesday 18 December 2013 06:05

When large diamond deposits were discovered in the country six years ago, during the economic recession in part due to western capital flight, the diamonds were touted as the beginning of Zimbabwe's economic turnaround.

Lucrative concessions, handed out to the international investors, have produced billions of dollars’ worth of diamonds for the global market but the country racked by widespread poverty has little to show for it.

Amidst concerns about transparency and allegations of massive looting and sustainability of the mining operations, Zimbabwe says it’s looking to reorganise the sector.

Amidst the concern, there is a growing realisation that without a shakeup, the diamonds and minerals in general are not likely to quick relief to the economic crunch.

This is an unsettling prospect as the finance minister prepares to unveil his 2014 national budget on Thursday.


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