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Botswana Diamonds elated as partner gets access to Marange
The 15km² Heritage concession owned by Red Mercury, a community organisation, was close to an area of Vast’s historic Marange claim and was understood to be an extension of the same geological system.
The purpose of the agreement was to carry out initial due diligence on the area with a view to concluding a joint venture agreement for exploration, mining and marketing of diamonds unearthed.
Red Mercury would be responsible for providing a full mining licence, while Vast would procure funding necessary to develop an efficiently operating diamond mine subject to the results of exploration and Zimbabwe’s future indigenisation laws.
“I am delighted that Vast has been awarded this exclusive access to part of the famous Marange diamond fields and we look forward to working with them to realise the full potential of this area and others as they begin to emerge with Zimbabwe opening for business," said Botswana Diamonds chairperson John Teeling.
Mathew Nyaungwa, Rough&Polished