Vast Resources plc, the AIM-listed mining company, wishes to announce a further update to the RNS of 26 September 2019 regarding the settlement of historic claims.
Settlement discussions regarding the historic diamond claims in Zimbabwe have been ongoing for some time and the Company can now advise that discussions relating to the release of an historic parcel of 129,400 carats of rough diamonds held in safe custody at the Reserve Bank of Zimbabwe (“Historic Parcel”), pursuant to a direction from the Supreme Court of Zimbabwe as announced by the Company on 18 February 2010, has required, for the purposes of their completion, that Legacy Issues be finalised in the High Court of Zimbabwe.
The intention of the parties was, as part of the settlement process, to agree a transparent legal framework to progress the release of the Historic Parcel held, pursuant to the January 2010 Order of the Supreme Court in the custody of the Reserve Bank of Zimbabwe pending determination of an appeal against the High Court Judgement of September 2009.
To this end, and in order to dispose of the legacy issues that could undermine the integrity of settlement discussions, the Company commenced formal legal action in the High Court of Zimbabwe in December 2022.
The Board has been advised by its legal Counsel and is encouraged that material progress on the outcome of this legal action can be made during the course of January 2023 and it will provide further updates to the market regarding the status of this process. The Company recognises that there is no certainty of settlement until the court matter is finalised. Also, the final quality assortment of the Parcel will be determined when the stones are in the Company’s possession and can be independently cleaned and valued.
Upon this matter being finalised the Company can refocus its attention back to other opportunities in Zimbabwe as previously announced.
