International commitments delay agreements

Source: International commitments delay agreements | Herald (Business)

Business Reporter
Diversified mining group, Vast Resources, says agreements on the Chiadzwa Community diamond project in Zimbabwe with Katanga Mining and an expected finance facility for US$13,5 million are yet to be signed.

The agreements were supposed to be penned last week.

“The delay in signing the diamond agreement is purely a matter of availability due to international travel commitments of the relevant stakeholders,” said Vast in a statement.

“Discussions in line with previous expectations, save on timing, continue with both parties and the company looks forward to updating the market as and when there is anything further to report.”

The London Stock Exchange-listed mining group was in line to sign a joint venture agreement with Chiadzwa Mineral Resources (CMR) to establish Katanga Mining (Pvt) Limited. Vast Resources is looking to develop the Heritage diamond concession in the Marange diamond fields in Chiadzwa, and CMR essentially represents the Chiadzwa community interests.

Besides the Heritage Concession in the Marange Diamond Fields, the AIM-listed company’s remaining assets and interests, include the Baita Plai Polymetallic Mine, the Blueberry Project and the Piciorul Zimbrului and Magura Neagra licences, all located in Romania.