Vast, Chiadzwa Mineral Resources sign JV agreement
London based Vast Resources PLC has signed a joint venture agreement with Chiadzwa Mineral Resources (Pvt) Ltd a company designated to represent the Chiadzwa community interests in the company’s diamond concession in Zimbabwe.
This joint venture resulted in the formation of Katanga Mining (Pvt) Ltd, which has, in turn, agreed its own joint venture with Zimbabwe Consolidated Diamond Company (Pvt) Ltd, a government entity which represents the Republic of Zimbabwe in the diamond mining sector.
This second joint venture is set to be officially signed during the first week of October
“This is the beginning of an exciting era in Zimbabwe, and working together with government and community has been a great pleasure,” said Andrew Prelea, chief executive of Vast.
“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.”
Shares in Vast rose 63% to 0.19p on the news.
About Vast Resources
Vast Resources has a long-standing presence on the ground in both Romania and in Zimbabwe. It is focussed on establishing a portfolio of productive assets in these two countries in the near term and moving its pipeline of brownfield and appraisal opportunities up the development curve. This is intended to give shareholders exposure to a diverse range of commodities including copper, gold, silver, zinc, lead and diamonds from several different mining operations in two highly prospective jurisdictions.
The Company’s priority is on the advancement of its two primary value drivers, the Baita Plai Polymetallic Mine in Romania, and the Heritage Diamond Concession in Zimbabwe, into production in 2019.