- March 16, 2020
- Posted in NEWS
VAST Resources (Vast) will soon commence operations at its Zimbabwean unit, with the government indicating that all internal processes leading to the conclusion of the joint venture (JV) would be finalised in March this year.
The AIM-listed mining company, Vast, is currently working on the JV agreement between its majority-owned Katanga Mining and Zimbabwe Consolidated Diamond Company (ZCDC) concerning the Chiadzwa Community Diamond Project.
Katanga Mining is a joint venture company between Vast and the Chiadzwa Community Development Trust while ZCDC is wholly owned by the Government of Zimbabwe.
The company recently revealed that it has “received official communication from the Ministry of Mines and Mining Development to the effect that all internal processes leading to the conclusion of the Joint Venture are expected to be finalised during March 2020.”
It said further details pertaining to this key process would be communicated to the market as and when they occur.
In an interview with Mining Zimbabwe Vast Resources Zimbabwe director Mark Mabhudhu, however, declined to share intricate details about the deal.
“Unfortunately, at this stage, we are under sanction in terms of what information we can release. We are also obliged to release information to the stock exchange. Also at this stage because we have not signed the agreement and stuff like that, it will be prejudicial,” he said.
Vast is an AIM-listed mining company with mining and exploration interests in Romania and Zimbabwe.
It is focused on the rapid advancement of high-quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa diamond fields in Zimbabwe.
The company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.
Vast resources is well known in Zimbabwe as a former shareholder at Pickstone Peerless gold mine and the Eureka gold mine.
It also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance.
This article first appeared in the Mining Zimbabwe March 2020 issue