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Vast in joint venture

14 Oct, 2019 - 00:10 0 Views
Vast in joint venture Minister Chitando

The Herald

London-listed Vast Resources has  teamed up with the local community in the diamond-rich Chiadzwa area to  exploit the resource in conjunction with the Zimbabwe Consolidated  Diamond Company (ZCDC), Mines and Mining Development Minister Winston  Chitando said on Friday.

He told reporters the London-based firm had formed a joint venture  business with the Chiadzwa community, called Katanga, and this company  will next week sign a partnership deal with ZCDC to mine diamonds.

“There will be an agreement which will be signed towards the end of  next week between Katanga and ZCDC. Essentially, the Chiadzwa community  were granted title over some diamond concession and they have gone into  a joint venture with Vast Resources which is quoted on the London Stock  Exchange,” he said.

“So Katanga will be signing a joint venture agreement with ZCDC, which  holds the mining title. As government, we are obviously pleased,” said  Minister Chitando.

Despite discovering huge diamond deposits in the eastern parts of the  country over a decade ago, Zimbabwe is yet to realise meaningful  benefits from their exploitation. Companies that were operating in Chiadzwa previously, before their  operations were amalgamated into the ZCDC, were accused of widespread  leakages of gems, with the late former President Robert Mugabe saying  the country could have been prejudiced of revenues amounting to $15  billion over the years.  While the figure remains contentious, no one has doubted leakages in  the sector. — New Ziana.

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