Zimbabwe’s Murowa Diamonds has announced a four year investment plan under which it plans to invest $ 60 million to achieve a four fold increase in output, according to reports in the local media. RioZim has a majority 78% stake in the company after Rio Tinto Diamonds sold its share in the mine in mid-2015.

The reports quote Lovemore Chihota, chairperson of the board as saying that the Company decided to invest in new mining equipment to ensure sustainable operations. The investment in the first stage was made for purchasing 28 pieces of equipment ranging from excavators, dump trucks, dozers and graders and aimed at cutting costs. Currently all this equipment is owned and operated by mining contractors.

The board chairperson is also reported to have said that the investments would create oevr 200 new jobs. In addition it would enhance the security of existing jobs and result in increased benefits for the local communities, he was quoted as saying.

He also stressed that the decision to invest in the mine was a clear indication of the company’s long term commitment to the project and its belief that the fundamentals of the industry were good.

Chihota also told the media that the company had produced about 250,000 carats in 2015 and expected a four fold growth in the next few years as a result of the investment decision.