Oliver Kazunga, Senior Business Reporter
AIM-listed mining group, Vast Resources plc has signed a Joint Venture Agreement with Chiadzwa Mineral Resources (Pvt) Limited, a company that represents the Chiadzwa community interests in diamond mining.
Vast Resources, which also operates gold mines in Zimbabwe, was granted mining rights under a joint venture arrangement with the Chiadzwa Community Development Trust to explore and mine diamonds in Manicaland.
“The AIM-listed mining company is pleased to update the market on progress on the Diamond Concession in Zimbabwe, now named Chiadzwa Community Diamond Concession.
“The company has signed a Joint Venture Agreement with Chiadzwa Mineral Resources (Pvt) Ltd, a company designated to represent the Chiadzwa Community interests in the concession. This resulted in the formation of Katanga Mining (Pvt) Ltd,” said Vast Resources in a statement.
A further Joint Venture Agreement between Katanga and the Zimbabwe Consolidated Diamond Company (ZCDC), a State-owned diamond miner, will be officially opened this month.
Details of the Chiadzwa joint venture will be announced at the same time as the announcement of the ZCDC joint venture to which it is linked.
Furthermore, Vast Resources has settled the historic claims by mutual consent. The mining group’s chief executive officer Mr Andrew Prelea was quoted hailing the move saying the development was the beginning of an exciting era in Zimbabwe, working together with Government and the community.
“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,” he said.
Mr Prelea said his organisation would provide an update regarding the financing mechanism for the community concession. — @okazunga