RE: History9 Jul 2025 09:21
The history of Vast Resources PLC's involvement with the diamond package in Zimbabwe, particularly concerning the "historical diamond parcel" and their operations in the Chiadzwa and Marange diamond fields, is a complex narrative involving legal battles, joint ventures, and government interactions. Below is a detailed account based on available information:
### Early Involvement and the Historical Diamond Parcel
- Pre-2010 Context: Vast Resources PLC, an AIM-listed mining company, became involved in Zimbabwe’s diamond sector, specifically in the Marange diamond fields, which are known for their rich alluvial diamond deposits. The Marange fields, discovered in 2006, sparked a diamond rush and were subject to significant controversy due to issues like illegal mining, smuggling, and human rights concerns.
- Seizure of the Diamond Parcel: In early 2010, a significant parcel of 129,400 carats of rough diamonds, mined by Vast Resources, was seized and held in safe custody at the Reserve Bank of Zimbabwe under a Supreme Court order. This seizure was linked to legal disputes, with reports suggesting the diamonds were surrendered as evidence that Vast had exploited claims previously owned by De Beers. The parcel remained untouched for over 15 years, highlighting prolonged legal and bureaucratic challenges.
### Joint Ventures and Agreements
- 2018 Agreement with Botswana Diamonds: In October 2018, Vast Resources entered an agreement with Botswana Diamonds PLC to develop Vast’s Heritage concessions in the Marange diamond fields. The agreement included plans for a separate deal to cover joint development of diamond properties outside Marange. This partnership aimed to leverage Botswana Diamonds’ expertise in diamond exploration and development.
- 2019 Joint Venture with Chiadzwa Community: In September 2019, Vast Resources signed a joint venture agreement with Chiadzwa Mineral Resources (Pvt) Ltd, a company representing the Chiadzwa Community’s interests. This led to the formation of Katanga Mining (Pvt) Ltd, intended to operate the Chiadzwa Community Diamond Concession in Marange. A further joint venture agreement was planned with the Zimbabwe Consolidated Diamond Company (ZCDC), a government entity, to facilitate exploration, mining, and marketing of diamonds from the concession.
- Revised Agreement with Botswana Diamonds: In November 2019, Vast Resources and Botswana Diamonds revised their earlier agreement due to developments in Vast’s joint venture with Chiadzwa Mineral Resources. The new terms involved forming a new company to hold Vast’s interests in the Chiadzwa joint venture and Katanga. Botswana Diamonds was to receive a 2.5% share in this new company in exchange for providing management expertise for five years, focusing on exploration, mining, processing, and marketing.
### Legal and Operational Developments
- Legal Battles for the Diamond Parcel: The release of the historical diamond parcel was a prolonged process. In