UK Company Vast Partners Local Trust To Mine Diamonds In Mutare

5 years agoTue, 19 Feb 2019 08:22:58 GMT

UK Company Vast Partners Local Trust To Mine Diamonds In Mutare

A UK Company, Vast Resources PLC, has been granted the right to mine diamonds in the Marange Diamond Fields in Zimbabwe. The company has been appointed a partner in the mining of diamonds by the Chiadzwa Community Development Trust to mine on the Heritage Concession, Block T1A of the fields.

Vast is listed on the London Stock Exchange’s Alternative Investment Market, which is market for smaller, growing companies. It has operating mines in Romania and Zimbabwe.

The Chiadzwa Community Development Trust is associated with the Marange-Zimunya Community Share Ownership Trust, which is owned by Red Mercury Ltd and has received an undertaking from the Zimbabwe government.

Botswana Diamonds PLC, who is Vast’s joint venture partner in the Heritage concession in Zimbabwe, has noted the announcement from Vast last week. The two companies had signed an agreement to develop concessions Marange diamond fields, with Vast holding an 87% stake and Botswana a 13% interest.

In a statement released to the London Stock Exchange Vast said

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“[We are]pleased to announce that the Chiadzwa Community Development Trust has in principle been granted the right to mine diamonds in joint venture on the Heritage Concession (Block T1A of the Marange Diamond Fields) and has appointed Vast as its joint venture partner in the exploration and mining of diamonds in the area.”

Russian miner Alrosa and China’s Anjin Investments have also been invited to return to the county, the Zimbabwe Consolidated Diamond Company (ZCDC) said earlier this month.