By Business Reporter – Thursday 5 March 2020
HARARE (Mining Index) – CONCLUSION of the much awaited Chiadzwa Community Diamond Project Joint Venture (JV) Agreement with state-owned Zimbabwe Consolidated Diamond Company (ZCDC) is expected to be finalised this March.
After receiving communication from the Ministry of Mines and Mining Development concerning the Chiadzwa Community Diamond Project, the AIM-listed mining investor, Vast Resources Enterprises (VRE) earlier this week updated the market on progress regarding the anticipated JV agreement.
“The company has received official communication from the Ministry of Mines and Mining Development to the effect that all internal processes leading to the conclusion of the Joint Venture are expected to be finalised during the month of March 2020,” said Vast.
The London Stock Exchange listed investor, further reiterated on its Twitter handle saying,
“We are pleased to report that the Chiadzwa Community Diamond Project Joint Venture with the ZCDC is expected to be finalised this month.”
The Chiadzwa Community Diamond Project is a joint venture between Vast Resources’ Zimbabwean subsidiary, Katanga Mining and state-owned Zimbabwe Consolidated Diamond Company (ZCDC) to explore and mine the Heritage concession in the Marange Diamond Fields.
ZCDC holds mining rights to prospect and mine diamonds in the Chiadzwa Community Diamond Concession.
VRE has in the past weeks been anxious over the unexpected delay in concluding the tripartite deal.
Finalisation of the second JV will enable the Chiadzwa Community Diamond Concession to procure a special grant for the mining of diamonds within the Concession and establish final interests of Vast, the Community, and ZCDC in Chiadzwa Community Company (CCC). ENDS// www.miningindex.co.zw
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