25th Apr 2025 14:31
(Alliance News) - Vast Resources PLC on Friday reported the release of its historical diamond parcel in Zimbabwe.
The London-based miner in Romania, Tajikistan and Zimbabwe said that the diamond had been held at the Reserve Bank of Zimbabwe since early 2010 by order of the Supreme Court.
Shares in Vast Resources rose 9.7% to 0.49 pence in London on Friday afternoon.
The company added that the release of the diamond "represents a landmark success" for Vast and underlined that "Zimbabwe is truly open for business for companies that wish to comply with due process."
According to Vast, the individual diamond parcels have remained untouched for over 15 years, and a valuation estimate will be provided following the completion of a cleaning and re-sorting process.
The parcels are currently in the company's custody and have been dispatched to Vast's nominated tender house in Dubai. The parcels will undergo cleaning and re-sorting for the sales process, which is expected to commence within a month.
The firm noted that royalties, fees to Minerals Marketing Corporation of Zimbabwe, legal fees, auction fees, security and marketing could reach 20% of the gross rough diamond value of the parcels following the completion of their sale.
Chief Executive Officer Andrew Prelea said: "Now that this chapter has closed, the Company is re-engaging our future investment strategy in Zimbabwe and has commenced discussions for further mining concessions in-country alongside the advancement of our wider portfolio in Romania and Tajikistan. We now expect to be able to approach new opportunities from a different perspective which will set the tone for the company's future."
Furthermore, in a separate release, the firm announced on Friday its continued production at Baita Plai polymetallic mine in Romania.
The company said that it has also entered into joint venture discussions with other mining companies regarding third-party investment into its Baita Plai mine.
13,562 tonnes were mined in the second half of 2024, producing 307.8 tonnes of copper concentrate at an average grade of 18%.
It added that it has started development at the former Hannes gold mine, expecting to commence production during the current quarter.
Additionally, the firm noted that discussions are underway to restart operations at its Manaila polymetallic mine in the second half of the year.
A new non-cyanide technique that was tested in Tajikistan increased the gold recovery at the company's Blueberry gold project to 77%.
The firm's Aprelevka gold mine in Tajikistan's silver production since January has hit its 2,000 tonnes per day target.
By Olivia Mason-Myhill, Alliance News reporter
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