Vast Resources, which has an interest in Zimbabwe’s Marange diamond fields and the Baita Plai Polymetallic Mine in Romania, has recorded a loss after tax of $3.5 million for the six months to 31 October, 36% decrease compared to $5.5 million, a year earlier.
Foreign exchange losses also contracted to $800,000 from $1.4 million in the six months.
Vast’s cash balance for the period was $1.2 million compared to $775,000 in 2018.
“This has been a busy and critical period in the company’s development,” said Vast chief executive Andrew Prelea.
“We were able to register some notable accomplishments in the half-year and after the period end that provide the necessary operational and financial platform to allow the company to begin to unlock the underlying value of its key assets, the Baita Plai Polymetallic Mine and the Chiadzwa Community Diamond Concession.”
Vast Concluded a joint venture with Chiadzwa Mining Resources, a company designated to represent Chiadzwa Community interests in the Chiadzwa Community Diamond Concession.
Continued discussions to finalise the joint venture agreement with Zimbabwe Consolidated Diamond Company (ZCDC), which will enable the concession to procure a special grant for the mining of diamonds.
Vast also revised an agreement with Botswana Diamonds, which will see the latter acquire a 2.5% interest in the cashflows generated from Vast’s share in the Chiadzwa concession in exchange for providing “know-how for all aspects of exploration, mining, processing and marketing”.