Chronicle Editor
Business Reporter
UNITED Kingdom-based mining and resource development company, Vast Resources that has operations in Zimbabwe is discussing with Government to finalise the agreement regarding the right to mine diamonds at its community diamond concession.
The company listed on the Alternative Investment Market of the London Stock Exchange, owns the Heritage Diamond Concession, Marange and a gold mine in Chegutu.
In a statement, the company said the group will continue to push for the agreement so that it can start realising value for its operations.
“In Zimbabwe, the Group continues to focus on finalising the agreement with Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”) regarding the right to mine diamonds for the Company at the community diamond concession.
“In both jurisdictions the Group holds further mining claims or other interests which are under appraisal,” the company said.
The company noted that the potential to mine at its expected diamond concession will offer high and near term positive cashflow.
“Discussions with the various Zimbabwe stakeholders remain in line with previous expectations, other than on timing, and we remain confident that we will be able to commence our mining operations in due course,” it said.
The company said its former executive director for the diamond division, Mr Mark Mabhudhu left the company to join the Zimbabwe Consolidated Diamond Cooperation as chief executive officer but this has presented a better opportunity for the company to explore its diamond dream.
“Mark Mabhudhu’s primary role in that capacity will be to focus on the Zimbabwe diamond sector’s contribution towards the Zimbabwean Government’s 2023 US$12 billion mining vision which is also driven by the attendant implementation of joint ventures between the ZCDC and investors in the diamond sector.
“Whilst we are sad to see Mark Mabhudhu leave Vast Resources PLC, we are pleased that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe.”
The company said it was confident that the business environment in Zimbabwe will improve as the Government establishes an attractive base for sustainable foreign investment.
The company also has mining operations in Romania.
Online Reporter