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(Sharecast News) - Vast Resources released a statement in response to articles in the Zimbabwean press press on Monday, updating the market on the anticipated joint venture between its subsidiary Katanga Mining, and the Zimbabwe Consolidated Diamond Company.
The AIM-traded company said that, as it awaited finalisation of the joint venture in the post-Covid-19 lockdown period, it was still engaging with the Zimbabwe government, which reportedly "warmly welcomed" the investment, and expected the project to be a contributor to the country's economic recovery post the pandemic.
It said that throughout the joint venture process, it had maintained constant dialogue and interaction with the community and all stakeholders, who had formally written to the company maintaining their support.
The firm said it was acting "in good faith" to the benefit of Zimbabwe and the entire community, and in accordance with the instructions and direction of the relevant governmental authorities.
"The company has always provided updates to the market based on information provided by the relevant Government bodies and backed by documentation, the most recent being the announcement made by the company on 3 March," Vast said in its statement.
"The company remains confident that despite the recent Covid-19 lockdown and other delays that have arisen in recent months due to matters unrelated to the relationship between the Zimbabwean government and Vast Resources, the project will be continued to the benefit of all stakeholders.
"We look forward to providing further updates as we receive official communication from the authorised bodies in Zimbabwe."
At 1113 BST, shares in Vast Resources were up 0.91% at 0.17p.
13 Mar 2024 14:23
IN BRIEF: Vast inks offtake deal with Trafigura for Baita Plai copper
Vast Resources PLC - Mining company with operations in Central Asia, Eastern Europe and Africa - Signs new exclusive offtake agreement with Trafigura Group Pte for copper concentrate produced at its Baita Plai mine in Transylvania. Trafigura is a Singapore-headquartered commodity trading company focused on base metals and energy commodities. The pair previously signed an offtake agreement for Vast's Takob mine in Tajikistan. The latest deal will be in place until June 2025. Vast says that copper concentrate production has been ramping up at Baita Plai, increasing 24% between the fourth quarter of 2022 and 2023, and that recent refurbishments will result in an improvement to the grade of concentrate produced at the mine.
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