Vast Resources To Be Chiadzwa Community Marange Exploration Partner

LONDON (Alliance News) - Vast Resources PLC said Thursday the Chiadzwa Community Development ...

Alliance News 14 February, 2019 | 3:14PM
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LONDON (Alliance News) - Vast Resources PLC said Thursday the Chiadzwa Community Development Trust has been granted the right to mine diamonds in the Marange diamonds fields in Zimbabwe, and has appointed Vast as its joint venture partner.

The Chiadzwa Community Development Trust is associated with the Marange-Zimunya Community Share Ownership Trust, which is owned by Red Mercury Ltd and has received an undertaking from the Zimbabwe government.

Vast Resources will act as Chiadzwa Community's joint venture partner in the exploration and mining of diamonds on the Heritage concession on Block T1A of the Marange field.

Botswana Diamonds PLC, who is Vast's joint venture partner in the Heritage concession in Zimbabwe, noted the release from Vast.

The two companies had signed an agreement to develop concessions Marange diamond fields, with Vast holding an 87% stake and Botswana a 13% interest.

Shares in Vast Resources were up 5.0% Thursday at 0.16 pence each. Botswana Diamonds was trading 24% higher at 0.84p.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Vast Resources PLC 0.16 GBX 0.00 -
Botswana Diamonds PLC 0.63 GBX -3.85 -

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