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Market NewsCommentAfrican Consolidated to build Zimbabwe diamond plant - media

African Consolidated to build Zimbabwe diamond plant - media

African Consolidated Resources Plc will build a plant to process diamonds from Zimbabwe's disputed Marange fields, the state controlled Sunday Mai reported, citing the company, according to a Bloomberg report. ACR seeks to form a joint venture with Zimbabwe's government in an effort to dig diamonds in Marange, the Harare-based newspaper said. Its diamond extraction facility is expected to be operational by August, it said. ACR was dislodged from the Marange diamond fields in December 2006 after thousands of unlicensed miners swarmed onto the property, prompting the government to seize the area and seal it off. A license to mine Marange was subsequently given to the state owned Zimbabwe Mining Development Corp., the Bloomberg report said.

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