Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Vast Resources said it had established a road map to develop the Heritage concession in Zimbabwe following meetings last week with in Harare with local community leaders and the Zimbabwe Consolidated Diamond Company.
The agreements concerning the diamond concession would now be directly between the company and the ZCDC, rather than the local community.
But the local community would be maintained as a beneficial recipient of shared profits, as per an original agreement.
'After taking part in the meetings last week with our senior management, the community chiefs and ZCDC, I am pleased to say that the timeline to closing the agreements will now be accelerated,' chief executive Andrew Prelea said.
'I plan to return to Zimbabwe shortly for what I hope will be the finalisation of the contractual terms, and also to establish the commencement of the project.'
'This amendment to the structure of the arrangement should not only accelerate the process to commencement, but should also provide the company further opportunities to work with the ZCDC.'