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Vast confirms delay of Chiadzwa Community diamond JV

03 april 2020

VAST_Resources_logo.jpgAIM-listed mining company, Vast Resources says the finalisation process of the Chiadzwa Community Joint Venture with the Zimbabwe Consolidated Diamond Company (ZCDC) is now expected to complete “shortly”.
The company had early last month received official communication that all internal processes leading to the conclusion of the joint venture were expected to be finalised during March. 
However, the Zimbabwe government declared a 21-day lockdown in response to the Covid-19 Pandemic commencing on 30 March 2020. 
“As a result of this the finalisation process was not completed in March, but finalisation remains expected to complete shortly,” it said.
Katanga Mining - a joint venture between Vast and the Chiadzwa Community Development Trust will work with the ZDC to develop the diamond deposit. 
Vast previously said that it had everything in place to hit the ground running once it concludes the agreement with ZCDC.  
The company also recently revised an agreement with Botswana Diamonds, which will see the latter acquire a 2.5% interest in the cashflows generated from Vast’s share in the Chiadzwa concession in exchange for providing “know-how for all aspects of exploration, mining, processing and marketing”.

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