State-owned Zimbabwe Consolidated Diamond Company (ZCDC) is set to appoint a new chief executive who was a director at Vast Resources.The AIM-listed company said its executive director for the diamond division Mark Mabhudhu, had received an offer to join the state-owned firm as its chief executive and has accepted the position.
“Whilst we are of course sad to see Mark (Mabhudhu) leave Vast Resources PLC, we are extremely excited that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe,” said Vast chief executive Andrew Prelea.
“We are confident that with Mark in his new role, the diamond mining sector in Zimbabwe will be set for a new high.”
Vast said Mabhundu’s new position will not pose any impediment to the finalisation of a joint venture agreement with the ZCDC.
Katanga Mining - a joint venture between Vast and the Chiadzwa Community Development Trust will work with the ZCDC to develop the Chiadzwa Community Diamond Concession.
Vast previously said that it had everything in place to hit the ground running once it agrees with ZCDC.
The company also recently revised an agreement with Botswana Diamonds, which will see the latter acquire a 2.5% interest in the cash flows 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
