Alternative Investment Market (AIM)-listed mining and resource development company, Vast Resources has signed an initial agreement with Chiadzwa Mineral Resources ahead of a joint venture operation with the Zimbabwe Consolidated Diamond Company to start mining in Marange by year end.
By Donald Nyarota
Vast Resources chief executive officer Andrew Prelea, was recently captured confirming the latest development via a video on the company’s website affirming positive strides, before adding that an official agreement will be signed with ZCDC.
Prelea said the initial community joint venture agreement paves way for the signing of an agreement with ZCDC, slatted for early October which will crystalize the “unique” alluvial diamond deal.
Vast Resources will set up shop and hit the ground running in exploration before year end after securing proper equipment for diamond mining, whose funding details remain unclear.
“It’s a project that is quite unique. It has taken quite a lot of planning but now we are at the finishing line.
“The community joint venture has now been agreed and signed, which cements Vast’s position together with the community in the next phase of the operation. Remember this is a joint venture together with the Zimbabwe Consolidated Diamond Company (ZCDC), which we are planning to sign in the first week of October,” said Prelea.
“We will hit the ground running, we have been preparing for this for quite a while and the team will be going to South Africa to secure equipment … and the intention is to get straight into the exploration phase as soon as possible…”
Vast Resources also released a parallel statement confirming this development, where the community will directly benefit from proceeds of the precious stones.
“This is the beginning of an exciting era in Zimbabwe, and working together with the government and community has been a great pleasure.
“Being a part of this landmark project is of great significance to all the stakeholders, being a first of its kind where the community will have a direct benefit from the natural resources in their community.
“Given the complexities of the matters that have had to be taken into consideration, we are very happy with the results to date.
“I would like to thank the company’s team on the ground in Zimbabwe as well as the government of Zimbabwe for all the guidance and support that they have given in the whole project. We look forward to arrangements being concluded,” read part of the statement.
