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LONDON - Vast Resources plc (AIM:VRS), a mining company with operations in Romania, Tajikistan, and Zimbabwe, announced Tuesday it will tender 126,677.50 carats of diamonds at an upcoming auction, clarifying details about its diamond parcel classification.
The company explained there has been no reduction in the total diamond parcel originally announced on May 7, 2025, which totaled 135,139.47 carats. The difference represents higher-quality stones being held back for beneficiation to potentially increase their value.
Of the original parcel, 36,475.26 carats were identified as gem quality by Zimbabwe's Minerals Marketing Corporation at the time of export, with the remaining 98,664.21 carats classified as industrial grade.
Following cleaning processes, Vast Resources reclassified 47,670.23 carats from industrial to higher categories. The company stated that approximately 8,462 carats (accounting for unavoidable boiling losses) are being retained for phased sales in the future.
The tender parcel now consists of 12,591.77 carats of higher-quality gems, 63,091.75 carats of lower-quality gems, and 50,993.98 carats of industrial-grade stones.
Addressing financial questions, Vast Resources confirmed it has "no current intention" of conducting a share placement to satisfy its December 31, 2025 debt repayment. The company referenced its October 31 annual report, which stated plans to repay debts through "diamond proceeds and alternative funding measures."
Vast Resources maintains mining interests across multiple countries, including polymetallic mines in Romania, a joint venture in Tajikistan providing exposure to the Takob Mine processing facility, and mining concessions in Zimbabwe.
The information was provided in a shareholder Q&A press release issued by the company.
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