Vast Resources has finally gotten back a parcel of 129,400 carats of diamonds the Zimbabwean government seized in early 2010.
The package has been in dispute since Vast Resources, then known as Africa Consolidated Resources, lost its mining rights in Zimbabwe’s Marange diamond fields. In 2023, Vast CEO Andrew Prelea appealed to the court based on new grounds, and a High Court judge ruled in the company’s favor and allowed it to retrieve the parcel.
The diamonds have been in custody at the Reserve Bank of Zimbabwe for the past 15 years following a court order, Vast said Friday.
“This release of the historical diamond parcel…represents a landmark success for the company,” Vast noted. “Despite the long and difficult process that the company and shareholders have had to endure, the individual parcels remained untouched for over 15 years.”
The miner explained that it did not know the current value of the goods, which will require cleaning and re-sorting to enable an accurate assessment and valuation, which is not possible in their current condition. However, Vast did note that the initial inspection of the parcel’s content exceeded the expectations of the company’s management.
Vast has sent the diamonds to its tender house in Dubai to be prepared for sale, which it expects to take place within a month. Once sold, the company will put approximately 20% of the final value toward paying royalties as well as legal, auction, security and marketing fees.
“Now that this chapter has closed, the company is reengaging our future investment strategy in Zimbabwe and has commenced discussions for further mining concessions in-country alongside the advancement of our wider portfolio in Romania and Tajikistan,” said Prelea. “We now expect to be able to approach new opportunities from a different perspective which will set the tone for the company’s future.”
Image: Rough diamonds. (Shutterstock)
