Meikles Moves Into Diamond Mining
Meikles has entered into a joint venture with the Zimbabwe Mining Development Corporation (ZMDC) to mine diamonds in Marange reports say.
Meikles (ZSE code: MEIK.ZW) will enter this through its mining and resources arm Meikles Resources.
The formation of Meikles Resources was reported last year in The Chronicle in November of last year and had commenced exploratory mining operations.
Group chairman John Moxon was quoted then as saying that profits from Meikles Resources were expected to exceed those anticipated for the entire group as presently constituted over the coming years.
In short, they are getting paid. The share price will go.
Source: Saxum Zimbabwe