Fixed sources investigate potential Marange mine

Rapaport …
Mining company Vast Resources gained access to part of the Marange fields in Zimbabwe with a view to developing joint operations there with a local community group.

The miner reached an agreement with Red Mercury, a subsidiary of the Marange-Zimunya community shareholder, to carry out due diligence for a period of two months at the Heritage Concession – an area of ​​15 square kilometers in the fields of Marange.

If the concession turns out to be viable, the companies form a joint venture for the exploration, extraction and marketing of diamonds of the site. Such a partnership would provide Red Mercury with the mining license issued by the government and Firmly responsible for obtaining funding for the development of a mine.

The deal would be in line with Zimbabwe's indigenization legislation, which requires 51% ownership of a designated entity or community share ownership trust. That law is currently under review and could change in the coming months, noted Vast Resources.

"After reaching agreement on the main terms of the future joint venture with the MZ Community Trust, we are confident that once the due diligence period is complete, subject to the final results, we can work quickly on the build-up. of a valuable diamond arm of our company, which is mutually beneficial for all stakeholders ", added Andrew Prelea, CEO of Vast.

Earlier this year, Vast signed a Memorandum of Understanding with Botswana Diamonds to develop Zimbabwe's diamond resources and share information from previous explorations of the region.

"I am pleased that Vast has obtained this exclusive access to part of the famous diamond fields of Marange, and we are looking forward to it [to] work with them to realize the full potential of this area and others when they begin to manifest with Zimbabwe's opening for business, "said John Teeling, Chairman of Botswana Diamonds.

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