VAST Vast Resources Plc

 
TIDMVAST 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Revised Agreement with Botswana Diamonds plc announced on 28 November 
2019 
 
   Clarification 
 
   Vast Resources plc, the AIM listed mining company with operations in 
Romania and Zimbabwe, would like to clarify the announcement made on 28 
November 2019 regarding its agreement with Botswana Diamonds PLC ('BOD') 
(the 'New Agreement') in connection with the Chiadzwa Community Diamond 
Concession. 
 
 
   -- Discussions and agreements have been in process with BOD since May 2018 
      and therefore pre-date any discussions and agreements with the Chiadzwa 
      Community.  BOD has vast experience and expertise in the exploration and 
      development of diamond resources internationally, and the New Agreement 
      was concluded for the sole purpose of securing BOD as a technical partner 
      in the diamond operation. 
 
 
   -- The 28 November Announcement informs the public of the shareholding 
      structure as between Vast and BOD in the UK holding company, Vast 
      Resources Enterprises Ltd, that will invest into Katanga Mining (Pvt) Ltd 
      ('Katanga') which company will then join with ZCDC to own the Joint 
      Venture operating company, Chiadzwa Community Company (Pvt) Ltd (CCC) 
      duly registered for this purpose that will carry out exploration, 
      resource development and mining in the Chiadzwa Community Diamond 
      Concession. The New Agreement has no impact whatsoever on the 
      shareholding either of the Chiadzwa Community through its Trust, the 
      Chiadzwa Community Development Trust which was established in 2014 under 
      the laws of Zimbabwe or of ZCDC in the mining operation. 
 
   -- All distributions to the Chiadzwa Community Development Trust  in 
      accordance with the draft agreement between Katanga and ZCDC are to be 
      approved and monitored by the Board of Directors of CCC as the Joint 
      Venture operating company between Katanga and ZCDC.  All such 
      distributions will be in accordance with an agreed Community development 
       plan that will constitute an open and transparent Corporate and Social 
      Responsibility Program. 
 
   -- All negotiations and agreements have been conducted in utmost good faith 
      and in a completely transparent manner for the long term benefit of all 
      stake holders. 
 
 
   For further information, visit www.vastplc.com or please contact: 
 
 
 
 
Vast Resources plc               www.vastplc.com 
 Andrew Prelea (Chief Executive   +44 (0) 1491 615 232 
 Officer) 
 Andrew Hall 
Beaumont Cornish - Financial &   www.beaumontcornish.com 
 Nominated Adviser                +44 (0) 020 7628 3396 
 Roland Cornish 
 James Biddle 
SP Angel Corporate Finance LLP   www.spangel.co.uk 
 -- Broker                        +44 (0) 20 3470 0470 
 Richard Morrison 
 Caroline Rowe 
Blytheweigh                      www.blytheweigh.com 
 Tim Blythe                       +44 (0) 20 7138 3204 
 Megan Ray 
 
 
   The information contained within this announcement is deemed by the 
Company to constitute inside information as stipulated under the Market 
Abuse Regulations (EU) No. 596/2014 ("MAR"). 
 
   ABOUT VAST RESOURCES PLC 
 
   Vast Resources plc, is an AIM listed mining company with mines in 
Romania and Zimbabwe focused on the rapid advancement of high quality 
brownfield projects by recommencing production at previously producing 
mines in Romania and commencement of the joint venture mining agreement 
on the Chiadzwa Community Concession Block of the Chiadzwa Diamond 
Fields in Zimbabwe. 
 
   The Company's portfolio includes an 80% interest in the Baita Plai 
Polymetallic Mine in Romania, where work is currently underway towards 
developing and recommissioning the mine on completion of funding and the 
commencement of the of the Community Concession Block in Chiadzwa, 
Zimbabwe 
 
   Vast Resources owns the Manaila Polymetallic Mine in Romania, which was 
commissioned in 2015, currently on care and maintenance. 
 
   Attachment 
 
 
   -- Revised Agreement with Botswana Diamonds plc announced on 28 November 
      2019 
      https://ml-eu.globenewswire.com/Resource/Download/2ae295d1-06d2-45fc-b369-c46ad5d2016c 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

December 03, 2019 05:28 ET (10:28 GMT)

Grafico Azioni Vast Resources (LSE:VAST)
Storico
Da Mar 2024 a Apr 2024

Grafico Azioni Vast Resources (LSE:VAST)
Storico
Da Apr 2023 a Apr 2024