Vast Resources appoints COO

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AIM-listed mining company, Vast Resources plc, says it has identified a “high level” chief operating officer to manage the project following the departure of Mark Mabhudhu who was its diamond division executive director.

BY MTHANDAZO NYONI

Mabhudhu was recently appointed by the government to lead the Zimbabwe Consolidated Diamond Company (ZCDC) as its chief executive officer.

In a statement, Vast Resources assured shareholders that the departure of Mabhudhu would not affect its operations.

“The company can confirm that its highly-skilled geological and technical team remains employed by the company and that it has identified a high level COO to manage the project who shall be engaged upon confirmation of the signing of the joint venture (JV),” it said.

The company said Mabhudhu’s primary role at ZCDC would be to focus on the diamond sector’s contribution towards the country’s 2023 US$12 billion mining vision which is also driven by the attendant implementation of JVs between the ZCDC and investors in the diamond sector.

“The company can also confirm that this personnel change in Zimbabwe will not pose any impediment to the finalisation of the anticipated joint venture agreement between the company’s subsidiary in respect of the Chiadzwa Community Diamond Concession,” it said.

“Further details regarding the finalisation of the Chiadzwa Community Diamond Project will be communicated to the market as and when they occur.”

Vast Resources chief executive officer Andrew Prelea said while they were sad to see Mabhudhu leave the company, they “are extremely excited that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe”.

“We are confident that with Mark in his new role, the diamond mining sector in Zimbabwe will be set for a new high.”

In September 2019, Vast Resources announced that it had signed a JV agreement with Chiadzwa Mineral Resources, a company designated to represent the Chiadzwa community interests in the concession. This resulted in the formation of Katanga Mining (Pvt) Ltd.

A further JV agreement between Katanga and the ZCDC, a government entity, is set to be officially signed.

Details of the Chiadzwa JV, according to the Vast Resources, will be announced at the same time as the announcement of the ZCDC JV, to which it is linked.