LONDON-listed mining firm Vast Resources says the release of its long-held diamond parcel by Zimbabwean authorities has re-ignited its appetite for the country’s minerals sector, signalling a possible expansion of its footprint in the southern African country.
The remarks are contained in the company’s 2025 annual report and come just months after authorities complied with court orders granting it possession of a parcel of rough diamonds that had been held at the Reserve Bank of Zimbabwe (RBZ) since 2010 under a Supreme Court order.
The diamonds were released in April last year, bringing to an end a 15-year impasse that executives described as “lengthy and frustrating for both management and shareholders”.
Chief executive officer, Andrew Prelea, said the breakthrough had opened the door to broader engagement in Zimbabwe.
“We were very pleased to take possession of the diamond parcel,” Prelea said.
“After much delay, the historical diamond parcel was released by the Reserve Bank of Zimbabwe. While this has been a very lengthy and frustrating process for shareholders and management alike, successful resolution opens a pathway to pursue other potential opportunities.”
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Prelea said the group had been working with specialist consultants to develop cleaning and sorting processes tailored to Zimbabwe’s rough diamonds, which he described as unique in character and requiring several stages of preparation to maximise value at tender.
“The intention of the company is to be directly and indirectly involved in the entire value chain where possible in order to maximise returns for shareholders from the diamond parcel, and this could create further opportunities for the company in the future,” he said.
As part of that strategy, Vast established a technical services unit in June 2025 comprising mining engineers, geologists and operational managers tasked with reviewing the asset base and developing a sustainable operational plan to unlock value.
Chairperson Brian Moritz said the release marked a significant milestone after more than a decade of uncertainty.
“The parcel had been held in safe custody at the RBZ by order of the Supreme Court since early 2010. While the parcels have remained untouched for over 15 years, this has been a long and difficult process for the company and shareholders to endure,” Moritz said.
“The successful release of the diamond parcel at the RBZ has been a significant achievement, indicating the importance of complying with due process. We believe this provides a positive environment for pursuing potential new opportunities in the country.”
Following the release, the company moved to monetise the asset.
On December 1, 2025, Vast announced the sale of 123 711,8 carats of lower value gem and industrial stones at an average price of US$6,87 per carat. Higher quality stones are being sold in phases to maximise returns.
Management said proceeds from the sales are expected to significantly strengthen the group’s financial position. An amount of US$175 000 relating to historical costs incurred in securing and preserving the parcel has been included in inventory in the latest financial statements.
The development comes as Zimbabwe seeks to attract fresh mining investment amid efforts to stabilise the economy and boost mineral exports. Diamonds remain a sensitive but potentially lucrative segment of the sector, historically dogged by legal disputes, governance concerns and market volatility.