LONDON based mining and resource development company, Vast Resources says it is pursuing 129 400 diamond carats trapped in Zimbabwe amid a lucrative share jump this week.
The historic parcel has been in custody of the Reserve Bank of Zimbabwe (RBZ) since 2010.
Vast Resources said the release of the historic parcel of 129,400 carats of rough diamonds will now be finalised in the High Court of Zimbabwe.
“The intention of the parties was, as part of the settlement process, to agree a transparent legal framework to progress the release of the Historic Parcel held.
“The company announced that the court case deliberating on the package of 129 400 diamond carats which have been in the custody of the Reserve Bank of Zimbabwe (RBZ) since 2010 has reached the final stage,” said the company in a statement.
In line with this, Vast Resources began formal legal action in the High Court of Zimbabwe in December 2022.
The company said the board has been advised by its legal Counsel and is encouraged that material progress on the outcome of this legal action which can be made during the course of January 2023 and it will provide further updates to the market regarding the status of this process.
“The company recognises that there is no certainty of settlement until the court matter is finalised,” Vast Resources said.
“Also, 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,” said the company.
Vast Resources added that once the matter is finalised it will refocus its attention back to other opportunities in Zimbabwe. – (New Zimbabwe)