Russia’s ALROSA and Zimbabwe Consolidated Diamond Company signed a number of agreements to finalize a joint venture for prospecting and exploration of 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, a Non-Executive Board Chairman of ZCDC. Under the agreements, ALROSA owns 70% of ALROSA (Zimbabwe) Limited JV, whereas Zimbabwean state-owned diamond mining company gets 30%.
ALROSA (Zimbabwe) Limited was established 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.