Vast identifies additional diamonds in historic parcels from Zimbabwe
Vast Resources () has identified additional diamonds as part of the sorting process it undertook after taking possession of parcels that were historically held back by the Zimbabwean government.
These stones were located within the sealed historic parcels, but their existence was previously unknown to the board of directors of Vast.
The additional parcel contains 6,055.35 carats of gem quality stones, which, together with the rest of the consignment, are currently in Dubai for final sorting in preparation for cleaning and further preparation for their sale.
The total quantity of diamonds included in the newly-released parcels is now estimated to be 135,139.47 carats, of which an aggregate 36,475.26 carats have already been identified to be gem quality.
The company is in process of selecting the first stones for cleaning. Initial results will be available in the coming weeks. The plan is to undertake the selling process in a phased manner in order to maximise value for the company and its shareholders.
Separately, Vast has appointed James McFarlane as a non-executive director.
McFarlane has held senior roles in active mining operations in England, Wales, Scotland, Ireland and Australia, and also as a mining consultant supporting exploration and project development studies across a range of commodities worldwide including gold, copper, and other base and critical metals.
“I’m delighted to welcome James to the Vast team,” said Andrew Prelea, chief executive of Vast.
“His outstanding technical credentials and wealth of experience across European and international mining projects make him an exceptional addition to our board. Following the release of the historic diamond parcel, the company is entering an exciting new chapter, and we look forward to working with James as we continue our unwavering focus on building a mid-tier mining company.”
View from Vox
Vast’s share price rose 10% on the news of the additional diamonds, and is now standing at a 12-month high. There’s a long way to go yet, before Prelea’s vision of creating a mid-tier mining company becomes a reality, but the direction of travel is now clear, and the aspiration is beginning to look achievable. Expect an accelerated pace of newsflow as 2025 progresses.
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