Vast Resources shares up on “material progress” of claims in Zimbabwe
(Alliance News) – Shares in Vast Resources PLC jumped on Monday after it said that “material progress” will be made in relation to settlement claims in Zimbabwe during January.
Vast Resources is a London-based miner with projects in Romania and Zimbabwe. Its shares rose 7.4% to 0.20 pence each in London on Monday morning.
The company explained that discussions about the agreement on the historic diamond claims in Zimbabwe have been ongoing for “some time.”
On Monday, Vast Resources said discussions relating to the release of a historic package of 129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe will now be finalized in the High Court -Zimbabwe. The company announced that the historic package will be kept being the Reserve Bank of Zimbabwe back in 2010.
“The intention of the parties was, as part of the settlement process, to agree on a transparent legal framework to make progress in the release of the Historic Package held, according to the January 2010 Order of the Supreme Court in custody of the Reserve Bank of Zimbabwe pending the determination of an appeal against the High Court Judgment of September 2009,” the company said.
In line with this, Vast Resources commenced formal legal action in the High Court of Zimbabwe in December 2022.
“The board has been advised by its legal counsel and is encouraged that material progress on the outcome of this legal action may be made during January 2023 and will provide further updates to the market regarding the status of this – process. The company recognizes that there is no certainty of a solution until the court matter is finalized,” said Vast Resources.
“Also, the final quality assortment of the package will be determined when the stones are in the possession of the Company and can be cleaned and assessed independently.”
Vast Resources added that once the matter is finalized it will refocus its attention back to other opportunities in Zimbabwe.
By Sophie Rose, Alliance News reporter
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