Revised Agreement with Botswana Diamonds plc announced on 28 November 2019
Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, would like to clarify the announcement made on 28 November 2019 regarding its agreement with Botswana Diamonds PLC (‘BOD’) (the ‘New Agreement’) in connection with the Chiadzwa Community Diamond Concession.
- Discussions and agreements have been in process with BOD since May 2018 and therefore pre-date any discussions and agreements with the Chiadzwa Community. BOD has vast experience and expertise in the exploration and development of diamond resources internationally, and the New Agreement was concluded for the sole purpose of securing BOD as a technical partner in the diamond operation.
- The 28 November Announcement informs the public of the shareholding structure as between Vast and BOD in the UK holding company, Vast Resources Enterprises Ltd, that will invest into Katanga Mining (Pvt) Ltd (‘Katanga’) which company will then join with ZCDC to own the Joint Venture operating company, Chiadzwa Community Company (Pvt) Ltd (CCC) duly registered for this purpose that will carry out exploration, resource development and mining in the Chiadzwa Community Diamond Concession. The New Agreement has no impact whatsoever on the shareholding either of the Chiadzwa Community through its Trust, the Chiadzwa Community Development Trust which was established in 2014 under the laws of Zimbabwe or of ZCDC in the mining operation.
- All distributions to the Chiadzwa Community Development Trust in accordance with the draft agreement between Katanga and ZCDC are to be approved and monitored by the Board of Directors of CCC as the Joint Venture operating company between Katanga and ZCDC. All such distributions will be in accordance with an agreed Community development plan that will constitute an open and transparent Corporate and Social Responsibility Program.
- All negotiations and agreements have been conducted in utmost good faith and in a completely transparent manner for the long term benefit of all stake holders.
ABOUT VAST RESOURCES PLC
Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards developing and recommissioning the mine on completion of funding and the commencement of the of the Community Concession Block in Chiadzwa, Zimbabwe
Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance.
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