Vast Resources reaches agreement over Heritage Diamond Concession
By Josh White
Date: Monday 17 Jun 2019
(Sharecast News) - Vast Resources updated the market on the Heritage Diamond Concession on Monday, reporting that following a number of meetings in Harare last week between its senior management, local community leaders and the parastatal Zimbabwe Consolidated Diamond Company (ZCDC), a road map to closing the agreements that would enable the firm to mine on the concession had now been established.
The AIM-traded company said agreements concerning the Heritage Diamond Concession would now be directly between the company and the ZCDC, rather than the local community.
It did add that the local community would be maintained as a beneficial recipient of shared profits, however, as per the original agreement.
"After taking part in the meetings last week with our senior management, the community chiefs and ZCDC, I am pleased to say that the timeline to closing the agreements will now be accelerated," said chief executive officer Andrew Prelea.
"I plan to return to Zimbabwe shortly for what I hope will be the finalisation of the contractual terms, and also to establish the commencement of the project.
"This amendment to the structure of the arrangement should not only accelerate the process to commencement, but should also provide the company further opportunities to work with the ZCDC."
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