MMCZ denies River Ranch claims

THE Minerals Marketing Corporation of Zimbabwe (MMCZ) has denied claims by River Ranch Ltd that the two are in negotiations for the sale of diamonds worth more than US$1,5 million.

The corporation through its lawyers Dube, Manikai & Hwacha also said it would maintain n

eutrality concerning the ownership dispute for the Beitbridge based diamond mine between River Ranch Ltd and Bubye Minerals.

The dispute between the two mining concerns dates back to the late 90s when Bubye Minerals was authorised to manage the mine for purposes of paying creditors when River Ranch went into voluntary liquidation.

Bubye Minerals subsequently applied to the Ministry of Mines and Mining Development to have the special grant registered in its name, which was done. The decision did not go down well with River Ranch, holder of the special grant since 1992, claiming that it had not been consulted.

The denial by the MMCZ follows enquiries by Bubye Minerals on the alleged negotiations following claims by River Ranch that it had entered negotiations with the MMCZ for the sale of diamonds.

“We have now obtained our client’s instructions on issues raised in your letter. Our client denies that it has entered into negotiations for the sale of 22 000 carats of diamonds from the mine,” said Dube, Manikai & Hwacha acting for the MMCZ.

“Our client has maintained its stance of neutrality in the dispute between your client and River Ranch Ltd throughout, in accordance with the provisions of the Minerals Marketing Corporation of Zimbabwe Act,” the letter by the lawyers said. The MMCZ lawyers also said their client would observe the terms of the High Court order of February 2 in which the court reversed Mines minister Amos Midzi’s decision cancelling the cession of the special grant to Bubye Minerals. — Staff Writer.

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