Last checked at 4 May 2020 07:00
Response to articles published by the Press in Zimbabwe last week
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
4 May 2020
Vast Resources plc(“Vast” or the “Company”)
Response to articles published by the Press in Zimbabwe last week
Vast Resources plc, the United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe - focused on the rapid advancement of high quality projects by recommencing production at previously producing mines in Romania and the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe - wishes to comment on the articles published in the Zimbabwean online press during the course of the week commencing 27 April 2020 by way of providing an update on the anticipated Joint Venture between the Company’s subsidiary Katanga Mining Pvt Ltd and the Zimbabwe Consolidated Diamond Company Pvt Ltd (the Joint Venture) in light of the said articles.
As the Company awaits finalisation of the Joint Venture in the post Covid-19 lockdown period, the Company continues to engage with the Zimbabwe Government, which has warmly welcomed the investment, and expects the project to play its part and be a contributor to the country's economic recovery programme post the pandemic in line with the Governments USD 12Bil Mining Road Map.
Vast Resources PLC and its subsidiaries have, throughout the Joint Venture process, maintained constant dialog and interaction with the Community and all stakeholders who have formally written to the Company maintaining their support.
The Company continues to act in good faith to the benefit of the Republic of Zimbabwe and the entire community, and always 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 3rd March 2020.
The Company remains confident that despite the recent COVID19 lockdown and other delays that have arisen in recent months due to matters unrelated to the relationship between the Zimbabwean Government and Vast Resources PLC, 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.
**ENDS**
For further information, visit www.vastplc.com or please contact:
| Vast Resources plc Andrew Prelea (Chief Executive Officer)Andrew Hall | www.vastplc.com +44 (0) 207 846 0974 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 020 7628 3396 |
| SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe | www.spangel.co.uk +44 (0) 20 3470 0470 |
| Axis Capital Markets Limited – Joint Broker Richard Hutchison | www.axcap247.com +44 (0) 20 3206 0320 |
| Blytheweigh Tim Blythe Megan Ray | www.blytheweigh.com +44 (0) 20 7138 3204 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
ABOUT VAST RESOURCES PLC
Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is now currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.
Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance.
Attachment
Response to articles published by the Press in Zimbabwe last week