Oscar J Jeke
Zim Now Reporter
London-listed mining firm Vast Resources has reclaimed a 129,400-carat diamond parcel held by Zimbabwean authorities since 2010, marking the end of a 15-year legal battle and signaling a renewed push into the country’s mining sector.
The diamonds, surrendered as evidence during a dispute over mining rights in the Marange fields previously held by De Beers, were released following a 2023 High Court order and finalized settlement approved by Zimbabwe’s government in 2024.
CEO Andrew Prelea hailed the resolution as a “landmark success,” emphasizing Zimbabwe’s openness to compliant investors.
With the diamonds now dispatched to Dubai for cleaning and valuation, Vast anticipates sales to commence within a month, though royalties and fees could claim up to 20% of the proceeds.
The company plans to leverage this resolution to secure additional mining concessions, reviving projects stalled by the protracted dispute. Vast’s Zimbabwean ambitions include advancing joint ventures, such as its 2019 Katanga Mining partnership with local communities and the state-owned Zimbabwe Consolidated Diamond Company.
The firm also operates gold and polymetallic mines in Romania and Tajikistan, where production updates and new techniques have bolstered output.
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