LONDON: UK miner Vast Resources says it is finalising the recovery of a parcel of 129,400-carats of rough diamonds in Zimbabwe after a 12-year dispute.
The company successfully sued the country’s Mines and Mining Development ministry early this year and now plans to sell the diamonds through a tender.
It surrendered gems from the Marange diamond fields amid claims it had exploited them on claims previously owned by De Beers.
In an update issued Monday the company said: “Andrew Prelea, the company’s chief executive officer, is currently in Zimbabwe as the company finalises the recovery of the historic parcel of 129,400 rough diamonds held in safe custody at the Reserve Bank of Zimbabwe pursuant to the High Court Order in the company’s favour.”
Vast, which has has mines and projects in Romania, Tajikistan and Zimbabwe, began formal proceedings to recover the gems last December and won a default order against the Mines and Mining Development ministry.
“Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields,” the company says on its website.
Regarding its operations in the country, Vast Resources says; “In September 2019, the Company announced it has signed a Joint Venture Agreement with Chiadzwa Mineral Resources, a company designated to represent the Chiadzwa Community interests in the Concession.
“This resulted in the formation of Katanga Mining. A further Joint Venture Agreement between Katanga and the Zimbabwe Consolidated Diamond Company, a government entity which represents the Republic of Zimbabwe in the diamond mining sector, is set to be officially signed.”