Settlement Discussions Update
Vast Resources plc, the AIM-listed mining company, wishes to announce a further update to the RNS of 23 January 2023 regarding the settlement of historic claims.
The Company advises that as of 1 February 2023, the High Court of Zimbabwe granted a default Order against the Minister of Mines & Mining Development relating to the release of the historic parcel of 129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe (“Historic Parcel”). The signed High Court Order is expected in the coming days.
This High Court Order should allow for the initiation of a lawful and transparent process for the release of the Historic Parcel into the Company’s possession to be independently cleaned and valued for the purpose of selling via a tender process. The final quality assortment of the Parcel will be determined when the stones are in the Company’s possession and can be independently cleaned and valued.
Once these processes are finalised, the Company can refocus its attention back to other opportunities in Zimbabwe as previously announced.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC, commented:
“ Despite taking longer than anticipated, I am very pleased to announce that after many years of hard work and discussion with the Zimbabwean Government, the matter regarding the release of the Historic Parcel has now been amicably settled in a manner supported by an Order of the High Court of Zimbabwe. This demonstrates the Zimbabwe Government’s and in particular His Excellency President Cmd. E D Mnangagwa’s commitment to resolving legacy issues related to investment in Zimbabwe in a transparent and legal manner for the mutual benefit of investors and the Country and we now look forward to the releasing of the Historic Parcel to the Company. ”
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
www.vastplc.com
+44 (0) 20 7846 0974
