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Vast brings in diamond mining veteran as it eyes new opportunities in Zimbabwe

The miner already has a couple of gold mines in the southern African country, but now the political landscape has stabilised, it is looking to increase its footprint

zimbabwe flag
Mabhudhu is a Zimbabwean national with plenty of experience running mining companies in his home country

Junior miner Vast Resources PLC (LON:VAST) has appointed Mark Mabhudhu, a preeminent figure in the Zimbabwean diamond industry, to the board of its wholly-owned subsidiary, Vast Resources Zimbabwe.

The AIM-quoted firm owns a 25% stake in the producing Pickstone-Peerless gold mine as well as a 23.75% economic interest in the Eureka gold mine, both located in Zimbabwe.

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But it is on the lookout for new opportunities and revitalising historic claims in the southern African country, something it feels Mabhudhu can help with.

A Zimbabwean national, he has headed a number of mining companies, including government-owned Zimbabwe Consolidated Diamond Company and Marange Resources, which he helped to reach profitability after years of financial distress.

Mabhudhu also spent over a decade at Debswana – a joint venture between diamond mining giant De Beers and the government of Botswana.

“The political amelioration in Zimbabwe over recent months has made us revaluate our activities in the country and we are now actively seeking new opportunities and exploring options through which to revive historic claims in order to build a significant presence in the region,” said chief executive Andrew Prelea.

“I am confident that Mark's experience, network and influence will expedite this evaluation process as we look to expand our current mineralised footprint, comprising the Pickstone-Peerless, Giant and Eureka gold mines, to establish a significant presence in the Zimbabwean mining industry in the near term.”

Quick facts: Vast Resources PLC

Price: 0.2475 GBX

Market: AIM
Market Cap: £25.43 m

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