A London-listed mining firm has staked a new claim in Zimbabwe’s Marange diamond fields, in a deal that could unlock £1.7 billion of gems.
Aim-listed Vast Resources has agreed joint venture terms with Red Mercury, a Zimbabwean community trust, for exclusive access to a concession in the fields.
Red Mercury will provide a full mining licence and Vast will procure funding from investors for an ‘efficiently operating diamond mine’.
Harrie: Vast will be mining in Zimbabwe
Vast Resources was once known as African Consolidated Resources (ACR), which staked a claim over two blocks in the Marange fields in 2006, after they were relinquished by De Beers.
ACR was evicted eight months later by president Robert Mugabe’s forces. Last year, the despot was ousted.
Vast Resources, which also owns interests in gold mines in Zimbabwe and metals projects in Romania, is currently worth £33 million.
Chief executive Andrew Prelea said: ‘With an evolving political backdrop, new opportunities are emerging.’ The firm expects to start diamond production in the coming months.
Vast Resources plc awarded exclusive access for initial due diligence and Pre-Agreed Joint Venture Terms on a Community Trust Diamond Concession in the Marange Diamond Fields
Botswana Diamonds (‘BOD’) the AIM and BSE listed explorer is pleased to announce that Vast Resource plc (‘Vast’)who have signed a Memorandum of Understanding with BOD to develop diamond resources in Zimbabwe have been awarded exclusive access to a diamond concession area (the ‘Heritage Concession’) in what has become known as the Marange Diamond Fields in the Chiadzwa region of Zimbabwe.
The purpose of Vast’s agreement with a community organisation is to carry out initial due diligence on the area with a view to concluding a joint venture agreement, the principal terms of which have been agreed, for exploration, mining and marketing. The 15km² Heritage Concession is close to an area of Vast’s historic Marange Diamond Fields claim and is understood to be an extension of the same geological system.
John Teeling, the Chairman, commented, “I am delighted that Vast has been awarded this exclusive access to part of the famous Marange diamond fields and we look forward working with them to realise the full potential of this area and others as they begin to emerge with Zimbabwe opening for business.”
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