Botswana Diamonds reports it has entered into a memorandum of understanding with Vast Resources to collaborate on diamond exploration in Zimbabwe.
Botswana Diamonds (LON:BOD), reports it has penned a memorandum of understanding with Vast Resources (LON:VAST) to collaborate on diamond exploration in Zimbabwe. The two development and exploration companies have agreed to exchange information derived from past exploration on areas prospective for diamonds in Zimbabwe. The two companies will also form a special purpose vehicle, to be jointly owned by each company, for the purpose of developing and exploiting diamond resources in Zimbabwe.
Any diamond exploration programmes in Zimbabwe will be carried out in accordance with Zimbabwe’s joint ownership laws in relation to diamonds.
As announced on September 19, 2008, Vast acquired, a database relating to diamonds in Zimbabwe. It has also until 2010, carried out its own exploration in the field using information from the database. Botswana Diamonds has independently acquired a Zimbabwe diamond database and, along with its significant networks, has expertise in diamond exploration development and mining.
To date Botswana Diamonds has been heavily focused on the exploration and development of diamond deposits in Botswana and South Africa. Similarly, Vast Resources is also heavily invested in South Africa’s mining sector.
As quoted in the Botswana Diamond press release:
“Zimbabwe is a country with excellent diamond potential. Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country,” said Botswana Diamonds’ chairman, John Teeling. ” It is opening for business and both BOD and Vast are keen to make the most of this opportunity. I look forward to providing our shareholders with further updates in due course.”