Vast Resources, a UK mining company, is close to securing the release of 129,400 carats of rough diamonds held by Zimbabwe’s central bank since 2009.
On October 10, the company announced that the Attorney-General’s Office approved a settlement agreement regarding the longstanding claim. This agreement has been recommended for signature by the relevant governmental institution.
However, the company warned that the settlement has not yet been fully executed. “Shareholders will be advised of further developments,” the update stated, emphasizing that while the board remains optimistic, there is no guarantee of a successful resolution.
These diamonds were originally “surrendered as evidence” in a dispute over mining claims previously owned by De Beers. De Beers exited the Marange diamond fields in 2006, citing unviable reserves after years of exploration. Subsequently, Vast Resources (formerly African Consolidated Resources) discovered significant alluvial diamond deposits, leading to the revocation of its mining licenses and eviction by the Zimbabwean government within months.
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