Vast Resources has signed a joint venture agreement with Chiadzwa Mineral Resources (CMR) to mine diamonds in Chiadzwa (Marange), in Zimbabwe.
CMR is a company designated to represent the Chiadzwa community interests in the Chiadzwa community diamond concession.
This resulted in the formation of Katanga Mining, which is in turn expected to sign a joint venture agreement next week with the state-owned Zimbabwe Consolidated Diamond Company (ZCDC).
“This is the beginning of an exciting era in Zimbabwe, and working together with government and community has been a great pleasure,” said Vast chief executive Andrew Prelea.
“Being a part of this landmark project is of great significance to all the stakeholders, being a first of its kind where the community will have a direct benefit from the natural resources in their community.”
Details of the Chiadzwa JV will be reviewed at the same time as the announcement of the ZCDC JV to which it is linked.