- January 29, 2019
- Posted by: adminz
- Category: News
. . . continues strong growth trajectory
ZCDC has consistently managed to maintain a strong growth trajectory in diamond production since commencement of diamond mining operations in February 2016.
The Company produced 961,000 carats in 2016 while still confronted by a depleting alluvial resource, falling grades and high stripping ratios.
The company’s transition from alluvial to conglomerate based mining was anchored on its investment in conglomerate processing capacity and complementary exploration and mining capacity. Following this transition, the company produced 1.7 million carats of the precious gems in 2017.
Notwithstanding the attending environmental challenges that negatively affected the mining sector in the last quarter of 2018, chief among them, fuel shortages, foreign currency shortages and exchange rate induced inflation, ZCDC has managed to surpass its set target of 2.4 million carats with production for 2018 of 2.8 million carats which is 93% of its stretch target of 3 million carats.
In March 2017, ZCDC took a deliberate decision to temporarily withdraw from the market and suspended diamond auctions to facilitate the reorientation and capacitation of downstream Diamond Value Management processes.
ZCDC resumed diamond sales in 2018 and has to date invoiced over $47 million from diamond tenders held in the last quarter of 2018. The company will continue to conduct periodic diamond tenders in 2019 to sell both its current production and the accumulated diamond stock.
ZCDC is also implementing its approved marketing and sales strategy which will see its diamonds being sold across global markets in Antwerp, Dubai, Shanghai and other upcoming diamond markets.
ZCDC has successfully completed its transition from alluvial to conglomerate mining and has invested extensively towards exploration and evaluation projects in search of viable kimberlite deposits to further enhance the sector’s contribution towards economic development. The company is now set to contribute to national growth and recovery through foreign currency generation, employment creation and contribution to the fiscus.