Zimbabwean Government Takes Control of JV Following Core Mining Ban

8 November 2010 (Last Updated November 8th, 2010 18:30)

The Zimbabwean Government said it is taking over a joint mining venture following allegations that its private partners deal in blood diamonds. Core Mining's 12 directors have been barred from carrying out business in Zimbabwe following accusations of dealing in blood diamonds and involve

The Zimbabwean Government said it is taking over a joint mining venture following allegations that its private partners deal in blood diamonds.

Core Mining's 12 directors have been barred from carrying out business in Zimbabwe following accusations of dealing in blood diamonds and involvement in African civil wars, according to state-owned Zimbabwe Mining Development Corporation.

Core invested $1.5m in the partnership with the corporation but did not invest a promised $2bn in the venture, reports Associated Press.