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Shares of Vast Resources PLC dropped by 24% following the mining company’s announcement regarding a delay in progressing the settlement for the release of diamonds held in custody at the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe/">Reserve Bank of Zimbabwe (RBZ)</a>. The delay was attributed to the recent elections that took place in the country.
As of 0707 GMT, Vast Resources’ shares were down by 0.06 pence, trading at 0.19 pence.
In a statement released on Monday, Vast Resources expressed confidence in finalizing the process to release the historic parcel of 129,400 carats of rough diamonds held by the Reserve Bank of Zimbabwe since 2010. The company assured investors that it would report further progress on the matter.
Vast Resources initiated formal legal action in December through the High Court of Zimbabwe to advance the release of the diamond parcel. In February, the company received a signed and stamped court order from the High Court of Zimbabwe pertaining to the release of the diamonds.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/01/27/london-based-company-seeks-to-retrieve-129k-diamond-carats-held-by-rbz/">London-based Company Seeks To Retrieve Over 129k Diamond Carats Held By RBZ</a></li>
</ul>
In February, Vast Resources stated that it would turn its attention back to other opportunities in Zimbabwe once the case is resolved. The AIM-listed mining company is already operating in Zimbabwe through the 95 percent-owned Eureka Gold Mine in Mashonaland Central province.

<ul style="list-style-type: circle;">
<li><a href="https://www.pindula.co.zw/2019/09/26/vast-resources-signs-diamonds-joint-venture-with-chiadzwa-community/">Vast Resources Signs Diamonds Joint Venture With Chiadzwa Community</a></li>
</ul>
Vast Resources is a mining company operating in Southern Africa and Eastern Europe. It focuses on gold, copper, diamond, silver, zinc, and lead. The company owns the Manaila Polymetallic Mine in Romania, is developing the Baita Plai Polymetallic Mine, and has a 25% interest in the Pickstone-Peerless Gold Mine in Zimbabwe. Vast Resources aims to advance brownfield projects and restart production at previous mining sites.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Vast Resources' Shares Drop 24% Due To Diamond Release Delay At RBZ

London-based mining and resource development company, Vast Resources says it seeks to retrieve over 129 000 diamond carats held by the Reserve Bank of Zimbabwe since 2010. 
Vast Resources said the release of the historic parcel of 129 400 carats of rough diamonds will now be finalised in the High Court of Zimbabwe. A statement seen by <a href="https://www.businessweekly.co.zw/vast-resources-begins-formal-legal-action/">Business Weekly</a> read in part:
<blockquote>
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, pursuant to a direction from the Supreme Court of Zimbabwe as announced by the company on February 18, 2010, as required, for the purposes of their completion, that legacy issues be finalised in the High Court of Zimbabwe.
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.
</blockquote>
Vast Resources stated that it will turn its attention back to other opportunities in Zimbabwe once the case is resolved.
The AIM-listed mining company is already operating in Zimbabwe through the 95 percent-owned Eureka Gold Mine in Mashonaland Central province.
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>

London-based Company Seeks To Retrieve Over 129k Diamond Carats Held By RBZ

Under-fire ZANU PF Mashonaland Central chairperson Kazembe Kazembe was described as mischievous by his boss, President Emmerson Mnangagwa on Thursday after he organised a political rally for the latter to address without his knowledge.
Mnangagwa had to conduct a rally soon after he finished the commissioning of Eureka Gold Mine in Guruve on Thursday which Kazembe had organised behind his boss’ back.
Kazembe has reportedly lost favour and is surviving on Mnangagwa’s mercy as the former liberation movement is stewing from factionalism, not only in Mashonaland Central Province but in other provinces as well, especially Masvingo and Midlands.
The provincial chairman told the gathering that he indeed pushed Mnangagwa to address a number of supporters who were bussed to Guruve. He said:
<blockquote>
I was very mischievous because l pushed His Excellency to come and meet his people since it had been long he came here on government duty but l know that party supporters were yearning to meet the President hence he gave in to my plan.
</blockquote>
Mnangagwa confirmed that Kazembe had been mischievous by planning a rally behind his back but he gave in because he also wanted to talk to people in a bid to mobilize his five million vote target. Said Mnangagwa:
<blockquote>
Your chairman has been so mischievous l came to commission Eureka mine little did l know that he had organized a rally behind my back but nonetheless his mischief is good because at least you have seen me and l also saw you.
</blockquote>
Kazembe is thought to have organised the rally to prove to people that he is Mnangagwa’s top ally and try to send a signal to other potential contenders for his post like James Makamba and Tafadzwa Musarara.
<h4>More: <a href="https://bulawayo24.com/index-id-news-sc-national-byo-210794.html">Bulawayo24</a></h4>

Kazembe Kazembe Is Mischievous - Mnangagwa

President Emmerson Mnangagwa on Thursday officially reopened Eureka Gold Mine, Guruve’s biggest gold mine.
The Padenga Holdings-owned company, which employed over 400 workers at its peak, producing about 1.5 tonnes of gold per annum, had been idle for the past 15 years.
Commissioning the mine, Mnangagwa said his government’s thrust was to partner investors and reopen all mines that are lying idle as it pins hopes on natural resources to rebuild the economy. He said:
<blockquote>
My administration remains available to dialogue with all investors to ensure a consistent and predictable policy and ease of doing business environment.
I, therefore, re-assure Eureka Mine and other investors throughout other sectors of the economy that my Government is a listening Government.
Furthermore, the Zimbabwe Investment and Development Agency is capacitated to give requisite impetus to investments in the mining sector and the economy as a whole.
</blockquote>
Mnangagwa also addressed a rally after the event where he assured villagers that the resuscitated mine would not only provide employment for them but build infrastructure.
He took the opportunity to castigate opposition parties for “inviting” sanctions which he said had caused untold suffering on villagers. Said Mnangagwa:
<blockquote>
We should all wish for a good country with good leaders, not those that beg for sanctions.
We have gone more than 20 years with targeted sanctions called for by the opposition.
We know they are among us in the country, but we should just ignore them and let life continue.
It is also unfortunate that in SADC, we are the only country that was not given funds to cater for COVID-19 pandemic vaccines, but thank God, to date, we have more than five million people who were vaccinated and fewer COVID-19 patients.
</blockquote>
As of 21 October 2021, Zimbabwe had fully vaccinated 2 517 653 people against a target of 10 million required to reach herd immunity.
<h4>More: <a href="https://www.newsday.co.zw/2021/10/mnangagwa-reopens-eureka-mine/">NewsDay</a></h4>

President Mnangagwa Commissions Eureka Gold Mine

The Eureka Gold Mine project is nearly 100 per cent complete after it resumed operations last month following a 20-year closure.
Located in Guruve District in Mashonaland Central Province, the firm suspended mining operations in 2000 due to the harsh economic environment at the time, just a year after it was commissioned as an open-pit mine by Delta Gold. 
The company’s general manager Terence Jordan confirmed the resumption of operations while speaking to The Daily News. Jordan said:
<blockquote>
The Eureka project is 98.5 percent complete. We have already partially commissioned the plant in July (last month) and produced our first gold. The gold production varies between 120 and 140kg per month.
</blockquote>
Finance and Economic Development Minister Professor Mthuli Ncube in his 2021 mid-term budget and economic review statement, said at its peak, Eureka Gold Mine produced 1. 5 tonnes of gold per annum.
Vast Resources, which has mining claims in Zimbabwe and Romania acquired a 95 per cent stake in Eureka Gold Mine through Dallaglio Investments marking a turning point for the gold producer.
In February this year, Padenga Holdings Limited which has acquired Dallaglio Investments, shareholders of the mine, said the 2020 third quarter saw US$15 189 million being spent on the project.
<a href="https://news.pindula.co.zw/2021/02/04/additional-us26-3-million-injected-into-eureka-mine/">Padenga Holdings also announced that plans were underway to inject an additional US$26.3 million into the Eureka mine</a>, one of Zimbabwe’s gold mines under resuscitation.
The company also indicated intentions to invest US$22m in 2022 to start underground development at Pickstone Mine near Chegutu.
Gold is one of the country’s major foreign currency earners and according to 2020 data released by the government-controlled gold buyer, Fidelity Printers and Refiners, the small-scale mining sector has become the dominant gold producer in the country.
The data released early this year revealed that the bulk of gold output during the seven months of 2020 came from small-scale miners who delivered over 7 000 tonnes while large-scale producers accounted for about 4 tonnes.
More: <a href="https://dailynews.co.zw/eureka-gold-mine-resumes-operations/?_ga=2.123750094.570698889.1628568261-1463396775.1626842625">Daily News</a>

Eureka Gold Mine Project 98.5 Percent Complete - Owners

Padenga shareholders on Wednesday approved the 50.1% acquisition of Dallaglio, an investor in Pickstone and Eureka mines.
Hitherto, Padenga Holdings Limited’s sole business has been the production and sale of crocodilian skins and meat at the Kariba Crocodile Farm (KCF).
The company is seeking to diversify from crocodile skins as 79% of its 2018 sales were to a single European client.
A capital expenditure budget of US$30m has been set to bring Eureka Mine, in Guruve, to production by 2020. The company will also invest US$22m in 2022 to start underground development at Pickstone Mine, near Chegutu.

Padenga Holdings To Invest In Pickstone And Eureka Mines

President Mnangagwa officially reopened Eureka Gold Mine in Guruve, which he said will make its contribution to the nation’s gold output which is expected to reach 100 tonnes per annum in the next five years. The reopening of the mine follows a $60 million investment by Delta Gold.
Eureka Gold Mine process director Mike Evans said the mine will employ 250 to 300 and then 400 when they are in full production. Evans said they are hoping to be running at maximum within 18 months. The mine re-opening ceremony was also attended by acting Minister of Mines and Mining Development July Moyo, Minister of Environment, Water and Climate Oppah Muchinguri-Kashiri, senior government officials, local traditional leaders and villagers.
More: <a href="https://www.herald.co.zw/president-reopens-eureka-gold-mine-•delta-gold-pours-in-60m-•operation-to-create-400-jobs/">Herald</a>

Mnangagwa Reopens Eureka Gold Mine In Guruve, To Employ 400 People

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