Vast Resources has signed a joint venture with Chiadzwa Mineral Resources ahead of the signing of an agreement in October with the Zimbabwe Consolidated Diamond Company to start mining at Chiadzwa.
Vast Resources is a UK-listed mining company while Chiadzwa Mineral Resources represents the Chiadzwa community interests in the diamond concession. The joint venture will be called Katanga Mining.
In a statement to shareholders, Andrew Prelea, Chief Executive Officer of Vast, said:
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.