Vast Resources responds to Zimbabwe press speculation

Vast Resources released a statement in response to articles in the Zimbabwean press press on Monday, updating the market on the anticipated joint venture between its subsidiary Katanga Mining, and the Zimbabwe Consolidated Diamond Company.

The AIM-traded company said that, as it awaited finalisation of the joint venture in the post-Covid-19 lockdown period, it was still engaging with the Zimbabwe government, which reportedly “warmly welcomed” the investment, and expected the project to be a contributor to the country's economic recovery post the pandemic.

It said that throughout the joint venture process, it had maintained constant dialogue and interaction with the community and all stakeholders, who had formally written to the company maintaining their support.

The firm said it was acting “in good faith” to the benefit of Zimbabwe and the entire community, and in accordance with the instructions and direction of the relevant governmental authorities.

“The company has always provided updates to the market based on information provided by the relevant Government bodies and backed by documentation, the most recent being the announcement made by the company on 3 March,” Vast said in its statement.

“The company remains confident that despite the recent Covid-19 lockdown and other delays that have arisen in recent months due to matters unrelated to the relationship between the Zimbabwean government and Vast Resources, the project will be continued to the benefit of all stakeholders.

“We look forward to providing further updates as we receive official communication from the authorised bodies in Zimbabwe.”

At 1113 BST, shares in Vast Resources were up 0.91% at 0.17p.