Board restructuring looms at ZMDC, Marange

Published: 06 December 2013

ZIMBABWE Mining Development Corporation (ZMDC) and Marange Diamonds boards of directors will soon have fresh faces as the appointment process is almost done, business digest can reveal.

Minister of Mines and Mining Development Walter Chidhakwa on Wednesday told businessdigest this week that progress had been made towards establishing new boards, with a list of nominees having been submitted to his office for final selection and approval.

"The first part is done, we have already received recommendations from the deputy minister, permanent secretary and directors," Chidhakwa said in an interview.

The hunt for new faces on the boards comes after former ZMDC Chairperson Godwills Masimirembwa got embroiled in bribery allegations involving the diamonds. Currently ZMDC is being run by acting board chairperson Florence Gowora.

"There is no chairperson at Marange and also at Minerals Marketing Corporation of Zimbabwe (MMCZ) and there are gaps on the membership of the board. Naturally we must ensure that the board is full and I would really want that to be done before year- end because it is very important to have people who will represent our 50%," said Chidhakwa

Zimbabwe is billed as the fourth largest diamond producer in the world. Chidhakwa said the only things that could stop the mining sector from excelling are sanctions.

"Americans still have not lifted sanctions on ZMDC and MMCZ but the Europeans have and we hope that the benefit we are receiving from Europe through Belgium will not be watered down by American sanctions."

Asked on what his vision is on the mining sector Chidhakwa said, "I want to see a robust mining sector, robust not at the level of extraction but robust at the level of value addition," he added.

"It may take us five years to achieve what we want but we must lay the foundation that clearly marks where we are going so as to attract investors."

- theindependent

Tags: ZMDC,