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(Alliance News) - Vast Resources PLC on Thursday said the High Court of Zimbabwe has granted a default order against the Minister of Mines & Mining Development, in relation to the release of a historic parcel of diamonds.
The London-based mining company with projects in Romania and Zimbabwe said the High Court order for the release of the parcel of 129,400 carats of rough diamonds is expected to be signed in the coming days.
The company said the High Court should allow for a "lawful and transparent" process to begin for the release of the historic parcel to the company.
Vast Resources said the stones would be independently cleaned and valued, before being sold via a tender process. The company noted that once these processes have been finalised, it will refocus on other opportunities in Zimbabwe.
The diamonds have been held in the custody of the Reserve Bank of Zimbabwe since 2010, pending the determination of an appeal against the High Court's decision in 2009. Vast resources began formal legal action in the High Court of Zimbabwe in December 2022.
Chief Executive Officer Andrew Prelea said: "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.
"This demonstrates the Zimbabwe Government’s and in particular His Excellency President Cmd. E D 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."
Vast Resources shares were down 14% trading at 0.68 pence per share on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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