Vast Resources eyes becoming a major player in Zim mining revival
London Stock Exchange-listed mining and exploration junior Vast Resources PLC (AIM: VAST) has vowed to become a major player in the re-emergence of the mining industry in Zimbabwe, the group Chief Executive Officer Andrew Prelea has said.
Rudairo Mapuranga
According to Prelea Vast Resources is looking to finalise its Joint Venture Agreement with the Zimbabwe Consolidated Diamond Company (ZCDC) as it plans to expand its diamond footprint in the country. He also said that the company remains confident that it will be able to conclude its mining agreement in Zimbabwe despite the delays.
“The vision of the Group continues to become a mid-tier mining group, one of the largest polymetallic (copper, zinc, silver, and gold) producers in Romania, and a major player in the re-emergence of the mining industry in Zimbabwe, where the Group now has a major focus on its diamond interests. The Group is also looking to expand its diamond footprint further afield to complement its Zimbabwe strategy
“The Group has now focused its Zimbabwe strategy on mining its expected diamond concession in Zimbabwe. This opportunity potentially offers high and near-term positive cash flow and is unrestrained by tight currency controls. Discussions with the various Zimbabwe stakeholders remain in line with previous expectations, other than on timing, and we remain confident that we will be able to commence our mining operations in due course. On 22 September 2020, Mark Mabhudhu, Executive Director of the Company’s Diamond Division, left the Company and joined the Government-owned ZCDC as Chief Executive Officer. Mark Mabhudhu’s primary role in that capacity will be to focus on the Zimbabwe diamond sector’s contribution toward the Zimbabwean Government’s 2023 US$12 billion mining vision which is also driven by the attendant implementation of Joint Ventures between the ZCDC and investors in the diamond sector. Whilst we are sad to see Mark Mabhudhu leave Vast Resources PLC, we are pleased that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe,” he said.
He said that discussions continue regarding the conclusion of the Company’s diamond agreement with its Zimbabwe stakeholders. These discussions are in line with previous expectations, save on timing.
“The Company continues discussions to finalise the agreement with Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”) regarding the right to mine diamonds for the Company at the community diamond concession. All stakeholders continue to express their support and the Company remains confident that an agreement will be finalised in due course,” The group CEO said.