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Vast Resources optimistic on Chiadzwa diamonds JV

By Business Reporter – Wednesday 12 January 2022

HARARE (Mining Index) – TWO years after signing a joint venture with Chiadzwa Mining Resources (Pvt) Limited (CMR), Vast Resources remains optimistic of concluding the diamond deal with the Marange community.

On 26th September 2019, Vast concluded an official joint venture with CMR that witnessed the birth of Katanga Mining (Pvt) Limited.

Two years on, Vast patiently waits for the final signature on the second JV between Katanga and the Zimbabwe Consolidated Diamond Company (ZCDC).

The JV between the Vast Resources and the Marange community is a tripartite agreement involving the British investor, CMR and ZCDC.

Vast Resources PLC (AIM:VAST) told investors in December last year that it remains confident of a successful outcome to ongoing talks with Zimbabwean government.

“Vast Resources PLC and its subsidiaries have been and remain in dialogue with the highest level of Government in Zimbabwe and the company remains confident of a successful outcome,” Vast said in a brief stock market statement.

Vast is looking to develop the Heritage diamond concession in the Marange Diamond Fields, with CMR designated to represent Chiadzwa community interests in the concession.

While the delay in concluding the Vast Resources JV is not known, similar mining deals involving international investors from the East were concluded without effort.

In July 2019, Government of Zimbabwe, through ZCDC concluded a diamond JV with Alrosa, a Russian gem company to develop diamond deposits in Zimbabwe. The Russian miners is said to be doing exploration in various site across Zimbabwe.

Anjin, a Chinese company resumed diamond operations in Marange on the 1st of March 2019. ENDS//

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