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Vast Resources to partner ZCDC in Marange diamond mining project

19 june 2019

VAST_Resources_logo.jpgVast Resources said agreements concerning the Heritage Concession will now be directly between the Aim-listed company and the Zimbabwe Consolidated Diamond Company (ZCDC) rather than the Chiadzwa Community Development Trust.
However, the local community will be maintained as a beneficial recipient of shared profits.
Vast chief executive Andrew Prelea said the amendment to the structure of the arrangement will not only accelerate the process to commencement, but will also provide the company further opportunities to work with the ZCDC.
 “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,” he said.
“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.”
Vast’s entry into Marange had been hanging in the balance after Zimbabwe picked Russia's Alrosa and China’s Anjin as the two foreign companies to conduct diamond exploration and mining in the country.  
A preliminary geological valuation of the Heritage Concession showed that the property contained several targets for modern alluvial diamond placer deposits.   
The assessment also revealed that grades of the known modern alluvial placers which drain the Marange diamond fields ranged in grade from 50 to 500 carats per hundred tons (cpht).   
Vast recently offloaded its 25% stake in the Pickstone Peerless gold mine in Zimbabwe to focus on the Marange diamond concession and Baita Plai mine, in Romania.  

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished