Vast Resources finds additional diamonds in historic parcel released by RBZ after 15 years

By Alois Vinga

AIM-listed miner, Vast Resources, says it has discovered more stones than anticipated in its parcel, which the  Reserve Bank of Zimbabwe (RBZ) had held since 2010.

The miner recently regained control of a long-awaited parcel containing 129,400 carats of diamonds after a 15-year dispute with the Zimbabwean government.

The dispute stemmed from the revocation of Vast Resources’ mining rights in the Marange diamond fields in 2006.

“The Company is pleased to report that the sorting process has revealed an additional quantity of stones in the sealed historic parcels, the existence of which was previously unknown to the board of directors of Vast.

“This Additional Parcel contains 6,055.35 carats of gem quality stones, which, together with the rest of the consignment, are currently in Dubai for final sorting in preparation for cleaning and further preparation for their sale,” said the miner.

The company said it is now in receipt of the final packing list post the Kimberly Process inspection.

“The total quantity of diamonds included in the Historic Parcel is now estimated to be 135,139.47 carats, of which an aggregate 36,475.26 carats have already been identified to be gem quality,” said the company.

The company is also in the process of selecting the first stones for cleaning and estimates that initial results will be available in the coming weeks. The Board currently anticipates that the selling process will be conducted in a phased manner in order to maximise value for the Company and its shareholders.