Published: 27 May 2014

Government has started the securitisation of minerals to secure external loans by directing diamond firms to deposit their gems with the Reserve Bank of Zimbabwe.

Mines and Mining Development permanent secretary Francis Gudyanga, wrote to all diamond mining companies in Chiadzwa advising them of the directive in a letter dated April 28, 2014.

"The Zimbabwe Government is engaging financiers to assist with funding. You are therefore requested to prepare parcels of your currently produced diamonds, which must be sorted and evaluated with the involvement of MMCZ in the usual manner by Wednesday April 30 2014," Gudyanga said.

"These parcels will be deposited with the Reserve Bank of Zimbabwe and used to securitise a Government loan. Payment of these parcels will be done soon after depositing the parcels. The details of the processes will be discussed shortly," said Gudyanga.
- herald

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