ZMDC Asked to Publish Financial Statements

ZMDCHarare: Government of Zimbabwe has given a directive to the Zimbabwe Mining Development Corporation to publish its financial statements in a bid to ensure transparency and accountability. ZMDC is a State-owned mining company which has investments in most of the major mining sub-sectors in the country, as reported by The Herald.

The ZMDC, a state-owned entity that is under U.S. sanctions, holds shares in diamond mining companies that operate in the Marange Diamond Fields and include Marange Resources, Mbada Diamonds, Diamond Mining Corporation, Anjin Investments, Jinan Mining, Kusena Diamonds, Rera Diamonds and Gye-Nyame Resources.

Last year Government promised the International Monetary Fund that it would issue a statutory instrument establishing a formula for calculating diamond dividends. While presenting the 2015 budget statement last week, Patrick Chinamasa, Finance and Economic Development Minister of Zimbabwe, proposed that the Zimbabwe Mining Development Corporation (ZMDC) publish annual financial reports. The government official said that ZMDC is the main mining investment and development company of Zimbabwe hence the need for accountability and transparency is apparent. “Accordingly, ZMDC will be required to produce and publish annual audited financial statements in fulfillment of legal requirements under the Companies Act,” he was quoted as saying.