Vast Resources PLC (LON:VAST) has signed a joint venture agreement with Chiadzwa Mineral Resources (Pvt) Ltd a company designated to represent the Chiadzwa community interests in the company’s diamond concession in Zimbabwe.
This joint venture resulted in the formation of Katanga Mining (Pvt) Ltd, which has in turn agreed its own joint venture with Zimbabwe Consolidated Diamond Company (Pvt) Ltd, a government entity which represents the Republic of Zimbabwe in the diamond mining sector.
This second joint venture is set to be officially signed during the first week of October
“This is the beginning of an exciting era in Zimbabwe, and working together with government and community has been a great pleasure,” said Andrew Prelea, chief executive of Vast.
“Being a part of this landmark project is of great significance to all the stakeholders, being a first of its kind where the community will have a direct benefit from the natural resources in their community.”
Shares in Vast rose 63% to 0.19p on the news.