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Zimbabwe’s new mineral royalty policy comes into force

Zimbabwe’s new mineral royalty policy comes into force

ZIMBABWE has passed regulations allowing the state to collect mining royalties partly in the form of minerals, according to a government notice seen by Reuters, as the country seeks to build a reserve of precious metals. The southern African country has struggled to capitalise on its significant mineral reserves and a resource boom due to policy uncertainty, a lack of ancillary industries to support mining, currency volatility and electricity shortages. Last month, Zimbabwe's President Emmerson Mnangagwa said his government planned to start collecting half of royalties from gold, diamonds, platinum group metals and lithium in the form of the minerals themselves to…
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Botswana wins bid to host anti-conflict diamond watchdog

Botswana wins bid to host anti-conflict diamond watchdog

BOTSWANA has won its bid to host the permanent secretariat of the Kimberley Process (KP), the grouping that certifies that diamonds are not used to fund rebel groups, but its members remain divided over Russia's invasion of Ukraine. The KP, a coalition of governments, the diamond industry and civil society representatives, said in a statement on Monday it had unanimously elected Botswana to host the secretariat, which is expected to become operational by 2024. The body defines conflict diamonds as gems used to fund rebel movements seeking to undermine legitimate governments. Five KP members initially expressed interest to host it…
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Illegal money flows from Africa near $90 billion, U.N. study says

Illegal money flows from Africa near $90 billion, U.N. study says

EMMA FARGE AFRICA is losing nearly $89 billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a U.N. study has shown. The estimate, in the United Nations Conference on Trade and Development's (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates. The report calls Africa a "net creditor to the world," echoing economists' observations that the aid-reliant continent is actually a net exporter of capital because of these trends. UNCTAD Secretary-General…
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Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

COOPER INVEEN and HELEN REID SIERRA Leoneans seeking damages for alleged environmental degradation around a diamond mine have applied for a freezing order on the assets of Octea, a subsidiary of Israeli billionaire Beny Steinmetz's BSG Resources (BSGR). In an affidavit to the high court of Sierra Leone, seen by Reuters, the lawyer for the plaintiffs said there was a "clear and present risk" the defendants could expatriate funds in order to avoid having to pay out if the court rules against them. Sierra Leone's High Court discussed the application for a freezing order on Tuesday and will continue on…
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South Africa’s diamond polishers look to lockdown lovers to add shine

South Africa’s diamond polishers look to lockdown lovers to add shine

TANISHA HEIDBERG and SISIPHO SKWEYIYA SOUTH Africa's diamond industry, famed for sales the world over and supplying gems for the British crown jewels, is looking closer to home to revive its fortunes following the coronavirus slump. Even before the new virus triggered the COVID-19 pandemic, diamond prices and demand were weak. Global economic weakness has exaggerated that and Anglo American's De Beers unit last week reported a plunge in earnings. Some of the many small players who polish the rough diamonds that De Beers and other miners unearth say they have been pleasantly surprised by the extent of lockdown jewellery-buying…
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