Zimbabwe Halts Activities in Marange Diamond Fields

Reuters reported that diamond companies operating in Zimbabwe’s Marange fields have been ordered to halt operations immediately because their licenses have expired.
As quoted in the market news:

The diamond fields, located in the eastern part of the country close to the Mozambican border, are mined by nine joint-venture companies, each with a 50% stake, while the government holds the other half.
“Since they no longer hold any titles, these companies were notified this morning to cease all mining activities with immediate effect,” Walter Chidhakwa told reporters and executives from the affected mines.
The new State-owned Zimbabwe Consolidated Diamond Company will now hold all the diamond claims in the country, Chidhakwa said, adding that the move was an imperative of national economic development.

Click here to read the full Reuters report.