eBusiness Weekly
BH24 Reporter
HARARE – Diversified resources firm Vast Resources Vast Resources says it intends to advance its Heritage Concession in the Marange Diamond Fields in a joint venture arrangement with Red Mercury (Pvt) Ltd.
Vast Resources has since created a special purpose vehicle between AIM-listed Botswana Diamonds Plc (13,33 percent interest) and itself (86,87 percent interest) under which Botswana will provide to Vast free of charge the benefit of its know-how on all aspects of exploration, mining, processing and marketing in relation to the Heritage Concession.
Red Mercury is a company owned by the Marange-Zimunya Community Share Ownership Trust.
Earlier this month, the London Stock Exchange listed mining company’s CEO Andrew Prelea undertook a 10-day visit to Zimbabwe “to engage with stakeholders and government officials to discuss and establish the most appropriate and mutually beneficial method with which to operationalise the joint venture to benefit the community, the region and country at large”.
“Over the past year Zimbabwe has adopted a progressive and inclusive environment for mining investment and I am delighted that Vast remains at the forefront of this industry. Despite the recent well-publicised issues relating to the ready access to foreign currency, operations on the ground continue largely undisturbed,” said Prelea.
“In line with our corporate social responsibility values we continue to engage with local stakeholders in Marange and at the national government level as we look to collectively establish a new benchmark for sustainable and mutually beneficial mining development to unlock the value of Zimbabwe’s significant mineral resources.”
Speaking on the occasion of Prelea’s visit, the Minister of State for Provincial Affairs in Manicaland Dr Ellen Gwaradzimba said the company is fully aware of Zimbabwe’s operating environment as it already has operations in the country, and that the plans to partner Red Mercury will ensure benefits accruing directly to the local communities.
“Vast Resources has been operating in Zimbabwe since 2004, with gold mining operations in the Chegutu area, and recently in Guruve at Eureka Gold Mine, so they are very well versed with the dynamics of our country.
“Vast Resources has plans to work with our local people in Marange. Indications are that so far the process of engagement has been very promising and remains positive. My office commends this, as this is a classic case of us showing that Zimbabwe and indeed Manicaland is open for business and we are already engaging and re-engaging with those that are willing to do business.
“Our country, and indeed the area of diamond deposits for example remains one that is largely untapped and presents numerous opportunities for us and would be partners to extract value that will benefit the people of Manicaland,” said the Minister.
“It is my hope that Vast Resources continues the process of engagement with transparency and with the authenticity they have so far demonstrated. Our country is open for business and I am positive everything will be done to ensure that the ongoing engagements will result in mining operations.
“It is my hope that this is only the beginning of very big things to come. We are inviting more investment, from both our local partners and foreign partners as we embark on a journey to making Zimbabwe an upper middle income economy by 2030, a vision that has been expressed by our President, His Excellency Emmerson Mnangagwa.
