Vast Resources, a mining company listed on London’s AIM stock exchange, has finally received a long-awaited parcel of diamonds—129,400 carats —that had been held by the Reserve Bank of Zimbabwe since 2010.
This ends a long dispute with the government that began nearly two decades ago in 2006, when Vast Resources, then African Consolidated Resources, lost its mining rights in the Marange diamond fields. The government had revoked its claims, which were previously held by De Beers. In 2010, during a legal battle over the rights, Vast had to surrender a large parcel of rough diamonds to RBZ.
For years, the diamonds sat in RBZ’s vaults as lawyers fought the case. A breakthrough came in 2023 when the High Court ordered the release of the diamonds. In 2024, the government approved a final settlement, allowing the parcel to be handed back to Vast.
In a statement on Friday, Vast said it has finally received the diamonds. The company says the diamond parcels have not been touched for over 15 years.
“This release of the historical diamond parcel not only represents a landmark success for the Company, but underlines that Zimbabwe is truly open for business for companies that wish to comply with due process,” Vast says.
Although the exact value is not known yet, the company says early inspections have exceeded management’s expectations. Once cleaned, the diamonds will be revalued and prepared for sale.
After the sale, about 20% of the total value will go towards fees—such as royalties, legal costs, marketing, and payments to the Minerals Marketing Corporation of Zimbabwe.
New start
Vast previously owned the Pickstone and Eureka gold mines through Dallaglio, which it sold to Padenga Holdings in 2019 to focus on diamonds. In 2018, it partnered with Red Mercury, a local community trust in Marange-Zimunya, to explore new diamond areas, but legal issues stalled the project and Vast turned its focus elsewhere.
Now, with the dispute behind it, has Vast is looking to re-enter Zimbabwean mining.
CEO Andrew Prelea says: “Now that this chapter has closed, the Company is reengaging our future investment strategy in Zimbabwe and has commenced discussions for further mining concessions in-country.”
Vast also has mining interests in Romania and Tajikistan. – (NewZWire)
