adminTawanda Musarurwa
London Stock Exchange-listed mining group Vast Resources is ready to hit the ground running on its diamond project after it signed a joint venture agreement with Chiadzwa Mineral Resources (CMR) to establish Katanga Mining (Pvt) Limited.
Vast Resources is looking to develop the Heritage diamond concession in the Marange diamond fields in Chiadzwa, and CMR essentially represents the Chiadzwa community interests.
According to Vast, a further joint venture agreement between Katanga and the Zimbabwe Consolidated Diamond Company (Pvt) Ltd (ZCDC) is set to be officially signed early next month.
And details of the Chiadzwa joint venture will be announced at the same time as the announcement of the ZCDC joint venture to which it is linked.
Speaking on the latest development Vast chief executive Andrew Prelea said:
“This is the beginning of an exciting era in Zimbabwe, and working together with government and community has been a great pleasure.
“Being a part of this landmark project is of great significance to all the stakeholders, being a first of its kind where the community will have a direct benefit from the natural resources in their community.
“Given the complexities of the matters that have had to be taken into consideration, we are very happy with the results to date.
“I would like to thank the company’s team on the ground in Zimbabwe as well as the Government of Zimbabwe for all the guidance and support that they have given in the whole project.
“We look forward to arrangements being concluded.”
In respect of the diamond project, Vast also said it had settled the historic claims by mutual consent.
Bongani Ndlovu