Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
6 July 2018
Vast Resources plc
("Vast" or the "Company")
Appointment of Diamond Specialist to Board of Vast Resources Zimbabwe
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, is pleased to announce the appointment of Mr Mark Mabhudhu, a preeminent figure in the Zimbabwean diamond industry, to the Board of Vast's wholly owned subsidiary, Vast Resources Zimbabwe (Private) Limited. Mr Mabhudhu's appointment is in line with the Company's updated strategy to increase its footprint in Zimbabwe, seeking new opportunities and revitalising historic claims.
Mr Mabhudhu, who has a BSc (Hons) degree in metallurgical engineering, an MBA, an MPhil in Information & Knowledge Management, and is currently working on his Doctoral studies, is a full-time resident of Zimbabwe and Zimbabwean national with over 25 years' experience in the mining industry. Of this, more than 22 years has been focussed on diamond mining both in Zimbabwe and internationally, including 11 years with Debswana, the joint venture company between De Beers and the Government of Botswana. Mr Mabhudhu's recent positions include Chief Executive Officer of Government owned Zimbabwe Consolidated Diamond Company (Pvt) Ltd and Chief Executive Officer and, prior to that, Chief Operating Officer, of Marange Resources (Pvt) Ltd. Under his leadership as Chief Executive Officer of Marange Resources (Pvt) Ltd, Mr Mabhudhu implemented a turnaround strategy, which resulted in the Company achieving profitability after several years of financial distress.
Andrew Prelea, Chief Executive of Vast, commented:
"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. 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."
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Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines in Romania.
Vast Resources currently owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. The Company's portfolio also includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
The Company also has interests in a number of projects in Southern Africa including a controlling 25 per cent. interest in the producing Pickstone-Peerless Gold Mine and a 23.75% economic interest in the Eureka Gold Mine, both located in Zimbabwe.