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Vol 58 No 21

Published 20th October 2017


Zimbabwe

Mystery of the missing mine profits

High politics, spies and opaque business interests are suspected in the sharp decline in the country's diamond wealth

On paper, the parastatal Zimbabwe Mining Development Corporation is effectively bust. Ever since the Auditor General, Mildred Chiri, reported in June that ZMDC's liabilities exceeded its assets by $131.6 million in the last year examined, 2014, the government and parliament have been puzzling over how to restore its fortunes. They have also been trying to gauge the role of the country's secretive securocrats in using mining revenues for off-budget covert operations. The biggest contribution to the parastatal's poor position is a sudden fall-off in diamond production. The corporation incurred a net loss of $10.1 mn. in 2014 following a $56.6 mn. loss in 2013, according to the report.

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