• Mon. Mar 4th, 2024

Vast Resources prepares to sell 129,400 carats of rough diamonds

ByETimes

Oct 6, 2023

By ETimes

HARARE – Vast Resources says it is getting ready to sell 129,400 carats of rough diamonds that have been in the custody of the Reserve Bank of Zimbabwe (RBZ) since 2010 and focus on the Marange Diamond Fields.

The competitiveness of doing business in the mining sector has been negatively affected by the high cost of doing business in the country, coupled with high-cost drivers, poor infrastructure, unrealistic foreign currency controls accelerated by forex receipt retention, high tax burdens and policy flip-flops.

In February of this year, the High Court of Zimbabwe ordered the release of Vast Resources’ diamonds.

“In Zimbabwe, the company is preparing for the release of its diamonds previously mined by the company and preparing for their marketing,” the company said in an update on debt funding.

“Upon the finalisation of the process, the company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.”

Vast Resources is a United Kingdom AIM-listed mining company with mines and projects in Romania, Tajikistan and Zimbabwe.

The southern African nation is envisioning a US$12 billion mining industry starting this year.

Of the US$12 billion, gold, platinum diamonds will contribute US$4 billion, US$3 billion and US$1 billion respectively.

Chrome, iron ore and carbon steel will contribute US$$1 billion while coal and hydrocarbons will contribute the same.

Lithium will contribute US$500 000 while other minerals will constitute US$1.5 billion

Mining is a crucial part of the country’s economy, making up over 60% of annual foreign currency receipts and 13 percent of the country’s gross domestic product.

By ETimes

Leave a Reply

Your email address will not be published. Required fields are marked *