The High Court of Zimbabwe has granted a default order against the Minister of Mines and Mining Development, relating to a historic parcel of 129 400 ct of rough diamonds, which will be released to Aim-listed Vast Resources.
The company expects to receive the signed court order in coming days, following which Vast will clean and value the diamonds for the purpose of selling through a tender.
Vast will determine the final quality assortment of the parcel once the diamonds are in its possession.
The diamonds have been in custody of the Zimbabwean Reserve Bank since 2010, while Vast started with the legal proceedings on the release of the diamonds in December last year, with the intention of agreeing a transparent legal framework pursuant to the release of the parcel.
Vast CEO Andrew Prelea explains the process has taken longer than anticipated, however, after years of hard work and discussion with the Zimbabwean government, the release of the historic parcel has now been amicably settled, allowing Vast to focus its attention back on other opportunities in Zimbabwe.