Following meetings between Vast Resources PLC (LON:VAST), local community leaders in Zimbabwe and the Zimbabwean parastatal Zimbabwe Consolidated Diamond Company, a road map to allow the Company to mine on the Heritage Concession has now been established.
The agreements concerning the Heritage Diamond Concession will now be directly between the Company and the ZCDC rather than the local community, but the local community will continue to be a beneficial recipient of shared profits, as per the original agreement.
“After taking part in the meetings last week with our senior management, the community chiefs and ZCDC, I am pleased to say that the timeline to closing the agreements will now be accelerated,” said Andrew Prelea, chief executive officer of Vast.
“I plan to return to Zimbabwe shortly for what I hope will be the finalisation of the contractual terms, and also to establish the commencement of the project. This amendment to the structure of the arrangement should not only accelerate the process to commencement, but should also provide the Company further opportunities to work with the ZCDC.”
In morning trading, Vast Resources' shares were 6.7% higher at 0.12p.
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