Zimbabwe Pledges Diamond Mining Revenue for China Loan, Daily News Says
Zimbabwe will use revenue from its Marange diamond field to repay China’s Anhui Foreign Economic Construction Group Ltd. for building a military training facility, the Daily News reported, citing documents and a parliamentary debate.
The $98 million loan agreement was signed by Finance Minister Tendai Biti on March 21, although it hasn’t been ratified by parliament yet, the Harare-based newspaper reported on its website. Zimbabwe is in a joint-venture with Anjin Investments Ltd., a unit of state-owned Anhui, to mine gems at Marange.
Anhui is providing some workers to build the defense college, the Daily News said, citing Labor Minister Paurina Mpariwa. A committee was set up to investigate accusations of abuse of Zimbabwean workers by Chinese employers, it said.
To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
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