Vast discovers extra diamonds in long-disputed Zimbabwe parcel

Published: 09 May 2025

AIM-listed miner Vast Resources has announced the discovery of more diamonds than originally anticipated in a long-contested parcel that was held by the Reserve Bank of Zimbabwe (RBZ) since 2010, marking a significant breakthrough following a 15-year dispute with the Zimbabwean government.

The miner recently regained control of a 129,400-carat diamond parcel, which had been the subject of a protracted legal battle dating back to the revocation of its mining rights in the Marange diamond fields in 2006.

In a statement this week, Vast Resources revealed that the sorting process of the sealed parcel uncovered an unexpected 6,055.35 carats of additional gem-quality stones, bringing the total weight to an estimated 135,139.47 carats.

"The Company is pleased to report that the sorting process has revealed an additional quantity of stones in the sealed historic parcels, the existence of which was previously unknown to the board of directors of Vast," the company said.

The entire consignment is currently in Dubai, undergoing final sorting and cleaning in preparation for phased sale.

Vast Resources also confirmed it had received the final packing list following a Kimberley Process inspection, a key international certification that ensures diamonds are conflict-free.

Of the revised total, 36,475.26 carats have been confirmed as gem quality, raising optimism for a profitable sale.

"The company is now in the process of selecting the first stones for cleaning and estimates that initial results will be available in the coming weeks," the statement added.

The miner said the sales process will be conducted in phases to optimise returns for the company and its shareholders.

The resolution of the dispute and discovery of additional high-value stones is a major boost for Vast Resources, which has faced years of delays and uncertainty over its Zimbabwean diamond interests.
- newzimbabwe

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