Diversified mining group Vast Resources has created a Joint Venture – Katanga Mining (Pvt) Limited – with Chiadzwa Mineral Resources (CMR).

CMR represents the Chiadzwa community interests.

A further joint venture agreement between Katanga and the Zimbabwe Consolidated Diamond Company (Pvt) Ltd (ZCDC) is set to be officially signed early next month.

And details of the Chiadzwa joint venture will be announced at the same time as the announcement of the ZCDC joint venture to which it is linked.

“This is the beginning of an exciting era in Zimbabwe, and working together with government and community has been a great pleasure.

“Being a part of this landmark project is of great significance to all the stakeholders, being a first of its kind where the community will have a direct benefit from the natural resources in their community,” said Vast CEO Andrew Prelea.

“Given the complexities of the matters that have had to be taken into consideration, we are very happy with the results to date.

“I would like to thank the company’s team on the ground in Zimbabwe as well as the Government of Zimbabwe for all the guidance and support that they have given in the whole project. We look forward to arrangements being concluded.”

Vast also said that it had settled the historic claims by mutual consent.