LONDON – Shares of Vast Resources PLC rose Monday after the company said that material progress could be made in relation to legal action over historic diamond claims in Zimbabwe.
Shares at 0841 GMT were up 0.05 pence, or 24%, at 0.24 pence.
The mining company said that it began formal legal action in December in the High Court of Zimbabwe to progress the release of a historic parcel of 129,400 carats of rough diamonds, held in safe custody at the Reserve Bank of Zimbabwe.
The company said it has been advised by its legal counsel and is encouraged that material progress on the action can be made over the course of January, though it recognizes that there is no certainty of settlement until the court matter is finalized. The final quality of the parcel will be determined when the stones are in the company’s possession, it said.
Settlement discussions have been underway for some time, Vast said, adding that the Supreme Court of Zimbabwe gave a direction in 2010 that required legacy issues to be finalized in the High Court.
Source: Market Watch