Release of Historical Diamond Parcel
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
25 April 2025
("Vast" or the "Company")
Release of Historical Diamond Parcel
Vast Resources plc, the AIM quoted mining company, is pleased to announce the successful release of the historical diamond parcel that has been held in safe custody at the Reserve Bank of Zimbabwe by order of the Supreme Court since early 2010.
This release of the historical diamond parcel not only represents a landmark success for the Company, but underlines that Zimbabwe is truly open for business for companies that wish to comply with due process.
Despite the long and difficult processes that the Company and shareholders have had to endure, the individual parcels remained untouched for over 15 years. A valuation estimate will be provided in due course following the completion of the cleaning and re-sorting process which will enable an accurate assessment of the carat value of the diamonds to be made and which is not possible in their current condition. Notwithstanding this, initial inspection of the contents of the parcels has exceeded expectations of the Company's management. The Company will make a further announcement when a valuation estimation is completed.
The parcels are now in the custody of the Company and have been despatched to the Company's nominated Tender House in Dubai, to be cleaned and re-sorted for the sales process, which is expected to commence within a month.
Upon completion of the sale of the rough diamonds, royalties, fees to Minerals Marketing Corporation of Zimbabwe, legal fees, auction fees, security and marketing, could reach approximately 20% of the gross rough diamond value of the parcels.
Further updates will be made in due course.
Andrew Prelea, CEO of Vast, commented:
"After personally spending more than one of the past four years in Zimbabwe to facilitate the release of the historical diamond parcel, I would like to give special thanks to HE Com. E.D. Mnangagwa, the Minister of Mines, the Attorney General, the Governor of the Reserve Bank, Minerals Marketing Corporation of Zimbabwe, Titan Law, and the exceptional Legal team at Dube, Manikai and Hwacha.
"Now that this chapter has closed, the Company is reengaging our future investment strategy in Zimbabwe and has commenced discussions for further mining concessions in-country alongside the advancement of our wider portfolio in Romania and Tajikistan. We now expect to be able to approach new opportunities from a different perspective which will set the tone for the Company's future."
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please contact:
|
Vast Resources plc Andrew Prelea (CEO)
|
+44 (0) 20 7846 0974 |
|
Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle
|
+44 (0) 20 7628 3396 |
|
Shore Capital Stockbrokers Limited - Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)
|
+44 (0) 20 7408 4050 |
|
Axis Capital Markets Limited - Joint Broker
|
+44 (0) 20 3206 0320 |
|
St Brides Partners Limited Susie Geliher |
+44 (0) 20 7236 1177 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund