Vast Resources* (VAST LN) 0.22p, Mkt Cap £21m – Vast to agree agreement between Katanga and ZCDC next week at Chiadzwa in the Marange diamond fields Heritage Diamond Concession (Block T1A, 75% profit sharing agreement)
• Vast Resources which has the ‘Katanga’ joint venture with Chiadzwa Mineral Resources which represents the Chiadzwa Community interests is to agree to work with ZMDC (Zimbabwe Consolidated Diamond Company).
• The agreement also settles historic claims by mutual consent.
• Vast will update the market on the financing mechanism for the joint venture in due course
• The deal should enable Vast to fast track the Heritage Diamond Concession alluvial diamond concession using a simple XRT sorting circuit.
• The Marange Diamond Fields are still seen as highly prospective having supplied some 60mcts to date.
• The Chiadzwa local community secured the mining license with the Company and will expect trial mining to start following agreement with ZMDC.
• An independent geological assessment previously indicated highlighted the prospectivity of the concession with proximal placers draining the Marange Diamond Fields showing grades of 50-500cpht attracting average prices of $80/ct. Grades are estimated more typically to be 100-200cpht.
• There is potential for discovery of some remnants of the basal Umkondo (conglomerate) unit in the concession, which runs at grades from 100-3,000cpht elsewhere in the Marange Diamond Fields.
• Vast’s own projections are based on 50cpht and $60/ct suggesting the site may potentially generate $15m in revenue on expenditure of $6m per quarter in six months and cost $10m in capex..
• The Marange diamond fields are known for their rich diamonds and have previously subjected to targeted EU Sanctions on ZMDC, the Zimbabwe state mining company. Vast is looking to mine an area at Marange that has not been previously mined by the Zimbabwe state or a Chinese military group which was said to have taken over an area of the Marange diamond fields at one stage.
• The government evicted all diamond mining companies in 2016 including two Chinese joint venture companies from Marange after they refused to merge with ZMDC. The move may have been part of a broader purge of Chinese companies which were seen to be exploiting Zimbabwe.
• The Heritage concession is owned by the Marange-Zimunya Community Share Ownership Trust which has kept the concession free of exploitation and has received an undertaking from the Government of Zimbabwe for a licence to mine on the Heritage Concession.
• The Marange diamond fields have been the subject of a Global Witness investigation uncovering evidence linking Zimbabwe’s state and partisan security forces to a decade of disappearing diamond wealth.
• Chinese and other mining companies have been accused of syphoning value out of Marange and while much of the easy-to-mine alluvial diamonds have been mined western mining knowhow is needed for the development of more sophisticated mines.
• Local community groups are also keen to regain control over rights to mine the Marange licenses and have invited Vast to exercise their former rights to mine certain licenses. There is no suggestion of any improper links with the military.
*SP Angel acts as Broker to Vast Resources
SP Angel posted on #VAST https://www.voxmarkets.co.uk/activity/157346
Anglo Pacific Group PLC (“Anglo Pacific”, the “Company”) (LSE: APF, TSX: APY) is pleased to announce that it has entered into an agreement with a subsidiary of Mantos Copper (“Mantos”), to acquire a 1.525% Net Smelter Return royalty (“NSR”) over all copper produced at the Mantos Blancos copper mine (the “Mantos Blancos Mine”) in exchange for an upfront cash consideration of US$50.25 million.
Anglo Pacific Group PLC Acquisition of a producing copper royalty @AngloPacificPLC https://www.voxmarkets.co.uk/rns/announcement/f9934bbe-76f5-4a47-8175-7078e1c9aa73
#ARS #MOD #MTR #SOLG #VAST