Aim-listed Vast Resources has announced the release of a historic diamond parcel that had been held in safekeeping at the Reserve Bank of Zimbabwe by order of the country’s Supreme Court since early 2010.
The diamonds are now under the company’s custody and have been sent to its nominated tender house in Dubai for cleaning and re-sorting, ahead of the sales process, which is expected to commence within a month.
Upon completion of the sale, various costs including royalties, fees to the Minerals Marketing Corporation of Zimbabwe, legal and auction fees, as well as security and marketing expenses, are estimated to total around 20% of the gross value of the rough diamonds.
“This release of the historical diamond parcel not only marks a significant achievement for the company but also demonstrates that Zimbabwe is open for business for companies willing to comply with due process,” Vast stated.
The company also emphasized that the individual parcels have remained untouched for over 15 years.
Following the completion of the cleaning and re-sorting process, a valuation estimate will be provided, allowing for an accurate assessment of the carat value of the diamonds, which is not possible in their current condition.
While it is not yet possible to provide an exact valuation, an initial inspection of the parcels has already exceeded the expectations of the company’s management.
Vast CEO Andrew Prelea expressed his gratitude: “After spending more than a year in Zimbabwe over the past four years to facilitate the release of this historical diamond parcel, I would like to offer special thanks to His Excellency Emmerson Dambudzo Mnangagwa, the Minister of Mines, the Attorney General, the Governor of the Reserve Bank, the Minerals Marketing Corporation of Zimbabwe, Titan Law, and the outstanding legal team at Dube, Manikai, and Hwacha.”
With this chapter now closed, Prelea further noted, “The company is revisiting its investment strategy in Zimbabwe and has already begun discussions for additional mining concessions in the country. In parallel, we are advancing our broader portfolio in Romania and Tajikistan.
This development will provide us with new perspectives as we explore future opportunities and shape the company’s direction moving forward.”
Vast initiated legal proceedings for the release of the diamonds in December 2022. According to a report by The Zimbabwe Independent, the diamonds had been surrendered as evidence in a case alleging that the mining firm had mined diamonds on claims that were previously owned by De Beers.
