Vast Resources PLC (LON:VAST) announced that it has been appointed venture partner by the Chiadzwa Community Development Trust which has, in principle, been granted the right to mine diamonds on the Heritage Concession, Block T1A of the Marange Diamond Fields in Zimbabwe.
The AIM-listed mining company, with operating mines in Romania and Zimbabwe, pointed out that it is aware that the Chiadzwa Community Development Trust is associated with the Marange-Zimunya Community Share Ownership Trust.
WATCH: Vast Resources explains placing and venture partner news from Zimbabwe
Back on 22 August last year, Vast Resources announced that it had agreed principal terms of a joint venture with Red Mercury Ltd - a company owned by the Marange-Zimunya Community Share Ownership Trust - for the Heritage diamond concession area.
The company said the Chiadzwa Community Development Trust has appointed Vast as its joint venture partner in the exploration and mining of diamonds in the area.
Vast Resources added that further information will be released to the market in due course.
In December, Vast had noted reports in the press that aid Zimbabwe’s Minister of Mines had stated that the AIM-listed group would be allowed to explore for diamonds in the African country.
Last year, a new Zimbabwean government abolished indigenisation laws for most types of mining aside from for diamonds.
The indigenisation law was introduced during the rule of former president Robert Mugabe to increase black Zimbabweans’ stake in the mining sector but it resulted in a drop in foreign investor confidence, prompting the new government to change the rules.