The High Court of Zimbabwe has granted a default order against the minister of mines relating to the release of Vast Resources’ 129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe.
The mining company said the court order should allow for the initiation of a lawful and transparent process for the release of the Historic Parcel into its possession to be independently cleaned and valued to sell via a tender process.
It said the final quality assortment of the parcel will be determined when the stones are in the company’s possession and can be independently cleaned and valued.
“Despite taking longer than anticipated, I am very pleased to announce that after many years of hard work and discussion with the Zimbabwean Government, the matter regarding the release of the Historic Parcel has now been amicably settled in a manner supported by an Order of the High Court of Zimbabwe,” said Vast chief executive Andrew Prelea.
“This demonstrates the Zimbabwe Government’s and in particular [President Emmerson] Mnangagwa’s commitment to resolving legacy issues related to investment in Zimbabwe in a transparent and legal manner for the mutual benefit of investors and the country and we now look forward to the releasing of the historic parcel to the company.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
The mining company said the court order should allow for the initiation of a lawful and transparent process for the release of the Historic Parcel into its possession to be independently cleaned and valued to sell via a tender process.
It said the final quality assortment of the parcel will be determined when the stones are in the company’s possession and can be independently cleaned and valued.
“Despite taking longer than anticipated, I am very pleased to announce that after many years of hard work and discussion with the Zimbabwean Government, the matter regarding the release of the Historic Parcel has now been amicably settled in a manner supported by an Order of the High Court of Zimbabwe,” said Vast chief executive Andrew Prelea.
“This demonstrates the Zimbabwe Government’s and in particular [President Emmerson] Mnangagwa’s commitment to resolving legacy issues related to investment in Zimbabwe in a transparent and legal manner for the mutual benefit of investors and the country and we now look forward to the releasing of the historic parcel to the company.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
