Trump announces trade deal with EU following months of negotiations
LONDON - Vast Resources plc (AIM:VAST), the mining company listed on the AIM market, has announced the release of a historical diamond parcel that had been held at the Reserve Bank of Zimbabwe since early 2010 by order of the Supreme Court. The release signifies a noteworthy achievement for Vast and highlights Zimbabwe’s openness to business for entities that adhere to legal processes.
The diamond parcel, which has remained untouched for over 15 years, is now in the possession of Vast Resources and has been sent to the company’s designated Tender House in Dubai for cleaning and re-sorting. This preparatory step is crucial before the diamonds can be valued and sold, with the sales process anticipated to begin within a month.
Initial inspection of the diamonds has reportedly exceeded the company’s expectations, although a precise valuation estimate will only be available after the completion of the cleaning and re-sorting process. The company will issue further updates once a valuation estimate is determined.
The sale of the rough diamonds is expected to incur costs related to royalties, legal fees, auction fees, security, and marketing, which could total approximately 20% of the gross value of the diamond parcels.
Andrew Prelea, CEO of Vast, expressed gratitude to Zimbabwean officials and legal teams for their assistance in the release process. Following this development, Vast Resources is planning to reengage with its investment strategy in Zimbabwe and is in discussions for additional mining concessions. The company is also continuing to develop its portfolio in Romania and Tajikistan.
The information in this announcement is considered inside information as defined by the UK Market Abuse Regulation (MAR) until its release. This update is based on a press release statement from Vast Resources.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.