Vast Resources is expecting to conclude a joint venture agreement with the Zimbabwean government for the Chiadzwa community diamond project, before the end of the month. The company said that it had received official communication from the mines ministry that all internal processes leading to the conclusion of the joint venture were expected to be finalised this month.
Katanga Mining - a joint venture between Vast and the Chiadzwa Community Development Trust will work with the Zimbabwe Consolidated Diamond Company (ZDC) to develop the diamond deposit.
Vast said last month that it has 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
