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REPORT: ZIMBABWE PM PARTY TO RENEGOTIATE DIAMOND DEALS WITH CHINA
15 July 2012

Zimbabwe Prime Minister Morgan Tsvangirai's MDC party says it will renegotiate all transactions agreed upon between the ruling ZANU PF party and foreign investors such as China, particularly on controversial issues like the Marange diamond fields, reports the Voice of America.

Referring to the deal between Harare and the Chiadzwa-based Chinese diamond miner Anjin Investments, Jameson Timba, the Minister of State in the Prime Minister's Office, explained that agreements favoring countries like China have led Zimbabwe to lose billions in revenues. Timba further added that in order to pay off a US$500 million debt to China for war arms delivered to Zimbabwe, Harare gave the Chinese ninety percent shareholding in the company, whereas the government-owned Zimbabwe Mining Development Corporation (ZMDC) holds only ten percent, according to the news source.

Discussing the apparent effect of diamond revenues on the success of President Robert Mugabe's ZANU PF party, Timba went on record to say that "as a party we lost the war on diamonds."  He maintains, however, that "there should be more transparency in the way the diamonds are sold," explaining that the "companies continue to hide behind the sanctions issue saying America will trace our money since the ZMDC is on sanctions so the government gets a little bit and some of the money goes into private pockets," cites the Voice of America. Timba says that his party is not pleased with some of the deals signed between Harare and foreign investors in Marange, but states they will all be revised once the MDC assumes full control of the government.

 

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