https://www.miningweekly.com

Botswana Diamonds, Vast in new Zim concession agreement

6th December 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Dual-listed diamond explorer Botswana Diamonds and Aim-listed Vast Resources have signed a new agreement in respect of their proposed joint venture (JV) in the Chiadzwa Marange area, in Zimbabwe.

When the detailed agreement between Vast’s Katanga Mining subsidiary and Zimbabwe Consolidated Diamond Company becomes effective, Botswana Diamonds will be issued with new shares representing 2.5% of Katanga.

In return for the shares, Botswana Diamonds has agreed to provide Vast and Katanga with its management know-how on exploration, mining, processing and marketing in relation to the Chiadzwa Community Diamond Concession at no charge for five years.

Vast will provide all capital requirements, to a maximum of $10-million, to facilitate project commencement. This will be in the form of a loan to Katanga.

Botswana chairperson John Teeling last week said Zimbabwe was “opening up to investment” and that the country “is rich in resources and has significant diamond potential”.

Vast CEO Andrew Prelea added that, as a result of the recent agreement with the Chiadzwa Community and the preagreed JV terms on the Chiadzwa Community Diamond Concession in the Marange diamond fields, the company was required to review its current agreement with Botswana Diamonds.

Vast then decided that it wished to continue its relationship with Botswana Diamonds as a consulting party that could “add significant value to the project”.

Katanga intends to conclude a JV agreement with Zimbabwe Consolidated Diamond Company for the purposes of exploring and mining at the Chiadzwa Community Diamond Concession and marketing the diamonds derived from the operation.

Owing to these changes in the area likely to be licensed by Vast, the new agreement replaces the Heritage concession agreement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.089 0.86s - 110pq - 2rq
Subscribe Now