LONDON, UK – Vast Resources PLC announced a major breakthrough on Friday with the release of its historical diamond parcel in Zimbabwe, a move hailed by the company as a “landmark success” after more than a decade-long wait.
The London-listed miner, which operates in Romania, Tajikistan and Zimbabwe, said the diamond parcel had been held by the Reserve Bank of Zimbabwe since early 2010, following a Supreme Court order. The parcel, comprising individual diamonds untouched for over 15 years, has now been transferred to Vast’s nominated tender house in Dubai, where the gems will undergo cleaning and re-sorting ahead of a planned sale within a month.
Shares in Vast Resources rose sharply following the news, climbing 9.7% to 0.49 pence on Friday afternoon in London.
In a statement, Vast described the release as a demonstration that “Zimbabwe is truly open for business for companies that wish to comply with due process,” signalling renewed confidence in the country’s investment climate.
Once cleaning and valuation are complete, the company expects the sale of the diamonds to proceed. Vast noted that deductions — including royalties, fees payable to the Minerals Marketing Corporation of Zimbabwe, legal and auction costs, security, and marketing expenses — could amount to as much as 20% of the gross rough diamond value.
Chief Executive Officer Andrew Prelea welcomed the development, stating: “Now that this chapter has closed, the company is re-engaging 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.”
He added that Vast would now approach new opportunities with a refreshed perspective that would help “set the tone for the company’s future.”
In a separate operational update, Vast reported steady production from its Baita Plai polymetallic mine in Romania. In the second half of 2024, the mine produced 307.8 tonnes of copper concentrate from 13,562 tonnes mined, achieving an average grade of 18%. The company also confirmed that it had entered joint venture discussions with other mining companies to secure third-party investment into Baita Plai.
Vast has also started development work at the former Hannes gold mine in Romania, with first production expected during the current quarter. Plans are underway to restart operations at the Manaila polymetallic mine in the second half of the year.
Elsewhere, in Tajikistan, the company reported positive results from the Blueberry gold project, where a new non-cyanide technique boosted gold recovery rates to 77%. Additionally, silver production at the Aprelevka gold mine has reached its target of 2,000 tonnes per day since January.
The developments come at a pivotal time for Vast Resources as it looks to strengthen its footprint across its key mining territories and deliver long-term shareholder value.
