Resources outfit, Vast Resources says it expects to finalise its mining agreement on the Community Diamond Concession in Marange after the release of its parcel being held by the central bank.
The 129 400 carats diamonds parcel has been held at the Reserve Bank of Zimbabwe for the past 12 years after Vast surrendered them over claims it had exploited them on claims previously owned by De Beers.
The Johannesburg Securities Exchange-listed DeBeers left Chiadzwa diamond fields in 2006, claiming it had failed to find viable reserves, following a decade of exploration.
Vast, a multi-resource operation trading its stock on the London Stock Exchange’s alternative investment markets, sued the government and won its case.
In its latest market update, the resources firm announced plans to finalise its diamond mining agreement once the parcel is released.
“In Zimbabwe, the company is preparing for the release of its diamonds previously mined by the company and preparing for their marketing,” the firm said.
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“Upon the finalisation of the process, the company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange diamond fields,” it noted.
Vast has mining interests in Zimbabwe’s Chiadzwa diamond fields and is currently fine-tuning a joint venture (JV) deal with communities in the area.
In September 2019, Vast said it had signed a JV agreement with Chiadzwa Mineral Resources, a company designated to represent community interests in the concession.
This resulted in the formation of Katanga Mining.
A further JV agreement between Katanga and the Zimbabwe Consolidated Diamonds Corporation, a government entity is set to be officially signed.