Zimbabwe High Court Grants Release of Historic Diamond Parcel to Vast Resources in Coming Days

After a nearly 12-year negotiation, the High Court of Zimbabwe has granted a default order against the Minister of Mines and Mining Development, relating to a historic parcel of 129,400-carats of rough diamonds, which will be released to AIM UK-listed Vast Resources.

The company expects to receive the signed court order in coming days, following which Vast will clean and value the diamonds for the purpose of selling through a tender.
Vast will then determine the final quality assortment of the parcel once the diamonds are in its possession.

The diamonds have been in custody of the Zimbabwean Reserve Bank since 2010, while Vast started with the legal proceedings on the release of the diamonds in December last year, with the intention of agreeing a transparent legal framework pursuant to the release of the parcel.

Chief Executive Officer Andrew Prelea explained: "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.

He concludes his statement on a positive note stating that “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."

Source: Vast Resources Press Release
Photo Credit: VAST