Vast Resources today announced it entered into a non-binding memorandum of understanding to become Botswana Diamonds‘s strategic partner in Zimbabwe diamond exploration.
by Gift Mawire
As a Botswana Diamonds strategic partner, AIM-listed Vast Resources said apart from exchanging information on past exploration in Zimbabwe, the two firms also agreed to form a jointly-owned company for the purpose of developing and exploiting diamond resources in the Southern African nation.
Vast Resouces Chief executive Andrew Prelea said it was responding to Zimbabwe’s call for investors.
“As a result of the new government’s desire to open up business in Zimbabwe we believe the time has now come for us to make use of our historic diamond knowledge,’ Prelea said.
John Teeling, Chairman of Botswana Diamonds , commented, “Zimbabwe is a country with excellent diamond potential. Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country. It is opening for business and both BOD and Vast are keen to make the most of this opportunity. I look forward to providing our shareholders with further updates in due course.”
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