Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
22 September 2020
Vast Resources plc
(“Vast” or the “Company”)
Zimbabwe Operations Update
Vast Resources plc, the AIM-listed mining company, is pleased to update the market on its operations in Zimbabwe.
The Company is proud to announce that Mark Mabhudhu, Executive Director of the Company’s Diamond Division, has received an offer to join the Government owned Zimbabwe Consolidated Diamond Company “ZCDC” as Chief Executive Officer starting immediately. Following a period of consultation with both the Company and the relevant Government of Zimbabwe Officials, a process that included a full disclosure as part of averting any possible conflict of interest, Mark Mabhudhu has accepted this role. As a result he will leave his current role with the Company.
The Company can confirm that its highly skilled geological and technical team remain employed by the Company and that it has identified a high level COO to manage the project who shall be engaged upon confirmation of the signing of the Joint Venture.
Mark Mabhudhu’s primary role will be to focus on the diamond sector’s contribution towards the Zimbabwean Government’s 2023 $12bn mining vision which is also driven by the attendant implementation of Joint Ventures between the ZCDC and investors in the diamond sector.
The Company can also confirm that this personnel change in Zimbabwe will not pose any impediment to the finalisation of the anticipated Joint Venture Agreement between the Company’s Subsidiary in respect of the Chiadzwa Community Diamond Concession.
Further details regarding the finalisation of the Chiadzwa Community Diamond Project will be communicated to the market as and when they occur.
Andrew Prelea, Chief Executive Officer of Vast Resources PLC Commented:
“Whilst we are of course sad to see Mark (Mabhudhu) leave Vast Resources PLC, we are extremely excited that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe. We are confident that with Mark in his new role, the diamond mining sector in Zimbabwe will be set for a new high.
“On behalf of the Board and Mangement Team, I would like to thank Mark for all of his efforts and wish him all the best for the future and stress that he will always have an open door to return to the Company when he finalises his mandate at the ZCDC.”
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish - Financial & Nominated Adviser
SP Angel Corporate Finance LLP – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limted
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
ABOUT VAST RESOURCES PLC
Vast Resources plc, is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high quality projects by recommencing production at previously producing mines.
The Company’s Romanian portfolio includes an 80% interest in the Baita Plai Polymetallic Mine. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. Work is now currently underway towards first concentrate production as well as efforts in place to establish a maiden Resource under the JORC code.
The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba license area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.