OTHER

Botswana Diamonds, Vast join forces in Zimbabwe

Botswana Diamonds (AIM:BOD) has branched out into Zimbabwe by signing a memorandum of understanding with Vast Resources (AIM:VAST) to jointly exploit diamonds in the country.

Staff reporter
Open for business: Botswana Diamonds and Vast Resources want to seize opportunities in Zimbabwe

Open for business: Botswana Diamonds and Vast Resources want to seize opportunities in Zimbabwe

Under the agreement, the two companies will exchange past exploration information on areas prospective for diamonds in Zimbabwe and form a jointly-owned special purpose vehicle to develop and exploit diamond resources.

Both companies now have a Zimbabwe diamond database, with Vast acquiring its database in September 2008 and carrying out exploration using the data until 2010, and Botswana independently acquiring one itself.

Botswana Diamonds chairman John Teeling said Zimbabwe had excellent diamond potential and was "opening for business and both Botswana Diamonds and Vast are keen to make the most of this opportunity".

Vast CEO Andrew Prelea said, with the new Zimbabwe government's desire to open up for business, the company believed it was the right time to use its diamond knowledge to bring value for stakeholders by developing diamond resources.

In a bid to attract investors to its mining sector, Zimbabwe said in February it would relax its ownership laws requiring companies to sell or transfer 51% equity to black citizens, particularly in the platinum and diamond sectors.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.