Vast Resources plc, announced the successful release of the historical diamond parcel that has been held in safe custody at the Reserve Bank of Zimbabwe by order of the Supreme Court since early 2010.
Despite the long and difficult processes that the Company and shareholders have had to endure, the individual parcels remained untouched for over 15 years. A valuation estimate will be provided in due course following the completion of the cleaning and re-sorting process which will enable an accurate assessment of the carat value of the diamonds to be made and which is not possible in their current condition. Notwithstanding this, initial inspection of the contents of the parcels has exceeded expectations of the Company’s management. The Company will make a further announcement when a valuation estimation is completed.
The parcels are now in the custody of the Company and have been despatched to the Company’s nominated Tender House in Dubai, to be cleaned and re-sorted for the sales process, which is expected to commence within a month.
Upon completion of the sale of the rough diamonds, royalties, fees to Minerals Marketing Corporation of Zimbabwe, legal fees, auction fees, security and marketing, could reach approximately 20% of the gross rough diamond value of the parcels.
Andrew Prelea, CEO of Vast, commented:
“After personally spending more than one of the past four years in Zimbabwe to facilitate the release of the historical diamond parcel, I would like to give special thanks to HE Com. E.D. Mnangagwa, the Minister of Mines, the Attorney General, the Governor of the Reserve Bank, Minerals Marketing Corporation of Zimbabwe, Titan Law, and the exceptional Legal team at Dube, Manikai and Hwacha.
“Now that this chapter has closed, the Company is reengaging our future investment strategy in Zimbabwe and has commenced discussions for further mining concessions in-country alongside the advancement of our wider portfolio in Romania and Tajikistan. We now expect to be able to approach new opportunities from a different perspective which will set the tone for the Company’s future.”
