23rd Jan 2023 11:27
(Alliance News) - Vast Resources PLC shares jumped on Monday after it said "material progress" will be made regarding settlement claims in Zimbabwe during January.
Vast Resources is a London-based miner with projects in Romania and Zimbabwe. Its shares were up 7.4% to 0.20 pence each in London on Monday morning.
The company explained that settlement discussions regarding historic diamond claims in Zimbabwe have been ongoing for "some time."
On Monday, Vast Resources said that discussions relating to the release of a historic parcel of 129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe will now be finalised in the High Court of Zimbabwe. The company announced that the historic parcel would be held be the Reserve Bank of Zimbabwe back in 2010.
"The intention of the parties was, as part of the settlement process, to agree a transparent legal framework to progress the release of the Historic Parcel held, pursuant to the January 2010 Order of the Supreme Court in the custody of the Reserve Bank of Zimbabwe pending determination of an appeal against the High Court Judgement of September 2009," the company said.
In line with this, Vast Resources began formal legal action in the High Court of Zimbabwe in December 2022.
"The board has been advised by its legal Counsel and is encouraged that material progress on the outcome of this legal action can be made during the course of January 2023 and it will provide further updates to the market regarding the status of this process. The company recognises that there is no certainty of settlement until the court matter is finalised," Vast Resources said.
"Also, the final quality assortment of the parcel will be determined when the stones are in the Company’s possession and can be independently cleaned and valued."
Vast Resources added that once the matter is finalised it will refocus its attention back to other opportunities in Zimbabwe.
By Sophie Rose, Alliance News reporter
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