RE: 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 settled7 Sep 2023 20:33
Https://www.thezimbabwemail.com/business/british-mining-executive-flies-into-harare-to-recover-diamonds-from-rbz-after-12-year-dispute-thanks-mnangagwa/
Vast Resources says it is finalising the recovery of a parcel of 129,400-carats of rough diamonds in Zimbabwe after a 12-year dispute.
The company successfully sued the country’s Mines and Mining Development ministry early this year and now plans to sell the diamonds through a tender.
It surrendered gems from the Marange diamond fields amid claims it had exploited them on claims previously owned by De Beers.
In an update issued Monday the company said: “Andrew Prelea, the company’s chief executive officer, is currently in Zimbabwe as the company finalises the recovery of the historic parcel of 129,400 rough diamonds held in safe custody at the Reserve Bank of Zimbabwe pursuant to the High Court Order in the company’s favour.”
Vast Resources says it is finalising the recovery of a parcel of 129,400-carats of rough diamonds in Zimbabwe after a 12-year dispute.
The company successfully sued the country’s Mines and Mining Development ministry early this year and now plans to sell the diamonds through a tender.
It surrendered gems from the Marange diamond fields amid claims it had exploited them on claims previously owned by De Beers.
In an update issued Monday the company said: “Andrew Prelea, the company’s chief executive officer, is currently in Zimbabwe as the company finalises the recovery of the historic parcel of 129,400 rough diamonds held in safe custody at the Reserve Bank of Zimbabwe pursuant to the High Court Order in the company’s favour.”
The gems have been held in the custody of the RBZ 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 which came to finality this week after production of a court order bringing the matter to a close.
“The order should allow for the start of a lawful and transparent release into its custody of a historic parcel of 129,400 carats of rough diamonds, held in safe custody at the RBZ. The stones will be independently cleaned and valued for the purpose of selling through a tender process.
“Vast Resources PLC shares rose Thursday after it said that the High Court of Zimbabwe has granted a default order against the country’s Mines and Mining Development Minister, relating to historic diamond claims. The shares went up at 0,2 pence, or 25% at 1 penny,” said the company.
The signed High Court order is expected in the coming days and once the processes are finalized, Vast can refocus attention back to other opportunities in the country...
Sign In
Follow the stocks
