AIM-listed Vast Resources, which presently operates gold mines in Zimbabwe, has been granted mining rights under a joint venture arrangement with the Chiadzwa Community Development Trust to explore and mine diamonds in Manicaland.
“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,” said the company in an update on its website.
It said further details regarding the project would be released to the market in due course.
In 2016 companies that previously mined diamonds in the Chiadzwa area of Marange were merged as Government established the Zimbabwe Consolidated Diamond Company (ZCDC) with a view to promoting transparency in the Manicaland gemstones operations.
Last December, Cabinet approved the Zimbabwe National Diamond Policy, which is expected to regulate the diamond mining sector and ensure accountability in the mining, processing and selling of the precious mineral.
The policy will see only ZCDC, Murowa Diamonds and other companies to be approved by Government undertaking diamond exploration and mining in the country.
The policy covers all stages of the diamond value chain, namely exploration, mining, processing, valuation, marketing, beneficiation, value addition as well as issues of security and law enforcement.
Under the proposed diamond policy, private players will also participate in value addition after cleaning and sorting and after obtaining the necessary approvals.
Ten percent of diamonds will be reserved for local value addition.
The Chronicle