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London Stock Exchange-listed diamond mining company Vast Resources Plc has officially regained control of its historic diamond parcel in Zimbabwe after a prolonged 15-year dispute. The long-awaited inspection of the sealed security boxes confirmed that the parcels had remained untouched since 2010, paving the way for the company’s renewed ambitions in Zimbabwe’s mining sector.
By Rudairo Mapuranga
An initial inspection of the historic parcel revealed that the seals had not been tampered with since they were first secured. A preliminary review involving around 1% of the smaller stones confirmed the parcel’s integrity, and Vast Resources shared video evidence of the first inspection publicly.
The breakthrough follows years of legal and political wrangling. The Zimbabwean authorities, through the Reserve Bank of Zimbabwe (RBZ), finally released the diamonds to Vast Resources after the company and the government made peace. Vast had long asserted its ownership of the diamonds, which stemmed from operations at the Marange diamond fields, one of the world’s richest diamond deposits.
A Pivotal Moment for Zimbabwe’s Mining Relations
The release of the parcel represents a major diplomatic and business achievement, not just for Vast Resources but for Zimbabwe’s broader efforts to rebuild investor confidence.
The resolution of the long-running dispute signals a thaw in relations between the country and foreign investors, particularly those who suffered from past mining policy uncertainties.
In a statement, Vast Resources hailed the moment as a “transformational event” that now allows the company to proceed with plans to auction the historic parcel. The diamonds are expected to fetch substantial sums, helping Vast stabilise its financial position and reposition itself within Zimbabwe’s mining sector.
Auction Plans Underway
Vast Resources plans to auction the historic diamond parcel soon, with the auction set to unlock considerable value. While specific timelines and financial projections are yet to be disclosed, the company is optimistic that the sale proceeds will not only strengthen its balance sheet but also provide funding for fresh investments in Zimbabwe.
The parcel, believed to contain a significant volume of high-quality rough diamonds, could act as a catalyst for Vast Resources to reestablish a footprint in Zimbabwe’s evolving diamond sector. The government’s recent policy shifts, including greater respect for investor rights and improved mining governance, have created a more welcoming environment for serious players.
Vast’s CEO has hinted that the resolution of the historic dispute is just the beginning of the company’s new chapter in Zimbabwe. With plans to deepen exploration and production activities, Vast is positioning itself to play a more active role in Zimbabwe’s ambitions to become a leading diamond producer once again.
The company’s successful reclamation of its historic parcel could also serve as a blueprint for other investors who had previously been cautious about returning to Zimbabwe. If properly managed, the auction and subsequent reinvestment could become a strong endorsement of Zimbabwe’s “open for business” mantra.
Vast formerly owned the Pickstone Peerless mine.
