Vast Finalizes Recovery of Diamond Parcel from Zimbabwe Bank
May 17, 23
(IDEX) - UK miner Vast Resources says it is finalizing the recovery of a parcel of 129,400-carats of rough diamonds in Zimbabwe after a 12-year dispute.
The company successfully sued the country's Mines and Mining Development ministry early this year and now plans to sell the diamonds through a tender.
It surrendered gems from the Marange diamond fields amid claims it had exploited them on claims previously owned by De Beers.
In an update issued yesterday (15 May) the company said: "Andrew Prelea, the company's chief executive officer, is currently in Zimbabwe as the company finalises the recovery of the historic parcel of 129,400 rough diamonds held in safe custody at the Reserve Bank of Zimbabwe pursuant to the High Court Order in the company's favour."
Vast, which has has mines and projects in Romania, Tajikistan and Zimbabwe, began formal proceedings to recover the gems last December and won a default order against the Mines and Mining Development ministry.
Pic shows Vast CEO Andrew Prelea