London-based mining and resource development company, Vast Resources says it seeks to retrieve over 129 000 diamond carats held by the Reserve Bank of Zimbabwe since 2010.
Vast Resources said the release of the historic parcel of 129 400 carats of rough diamonds will now be finalised in the High Court of Zimbabwe. A statement seen by Business Weekly read in part:
Discussions relating to the release of an historic parcel of 129 400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe, pursuant to a direction from the Supreme Court of Zimbabwe as announced by the company on February 18, 2010, as required, for the purposes of their completion, that legacy issues be finalised in the High Court of Zimbabwe.
To this end, and in order to dispose of the legacy issues that could undermine the integrity of settlement discussions, the company commenced formal legal action in the High Court of Zimbabwe in December 2022.
The board has been advised by its legal counsel and is encouraged that material progress on the outcome of this legal action can be made during the course of January 2023 and it will provide further updates to the market regarding the status of this process.
Vast Resources stated that it will turn its attention back to other opportunities in Zimbabwe once the case is resolved.
The AIM-listed mining company is already operating in Zimbabwe through the 95 percent-owned Eureka Gold Mine in Mashonaland Central province.
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