ALROSA and ZCDC establish joint venture in Zimbabwe

ALROSA and Zimbabwe Consolidated Diamond Company (ZCDC) have signed a number of agreements to finalize a creation of a joint venture for prospect and exploration works for primary diamond deposits in the Republic of Zimbabwe.

A shareholder agreement and a JV establishment agreement were signed by Sergey Ivanov, ALROSA CEO, and Killian Ukama, Eng., a Non-Executive Board Chairman of ZCDC.

According to the agreements, ALROSA owns 70% of ALROSA (Zimbabwe) Limited JV, Zimbabwean state-owned diamond mining company gets 30%.

"We are focused toward productive prospecting and exploration for primary diamond deposits in the Republic of Zimbabwe. Signing current agreements allows us to form the company's administration and to initiate procedures required to get necessary permissions and licenses. Getting authorization and first prospecting special grants, JV will be ready to operate. Being a member of Responsible Jewellery Council, World Diamond Council and Diamond Producers Association, ALROSA complies in full with industry commitments on responsible business practices and its own corporate standards. ALROSA is committed to follow these principles strictly while working in the Republic of Zimbabwe", Sergey Ivanov said.

ALROSA established an affiliate company ALROSA (Zimbabwe) Limited in December 2018. In July 2019, ALROSA and ZCDC signed a memorandum of agreement to transform it into a JV for prospecting, exploration and, in case of success, mining of primary diamond deposits in the Republic of Zimbabwe.