African Consolidated Resources plc, the Zimbabwe focused mineral exploration company, says that at a hearing in the Zimbabwe High Court judgment was issued in favour of the Company’s subsidiaries which confirmed the Group’s title to the claims previously registered in its name on the Marange diamond field. Full details of the judgement are awaited pending the publication of the transcript.
The Group acquired the Claims in early 2006 but was evicted in October 2006 as a result of which the Group issued proceedings in the Zimbabwe High Court for their recovery. During the intervening period the Group has attempted to work with all elements of the Zimbabwe Government in order to agree a joint venture with the Zimbabwe Government or parties nominated by them in order to avoid litigation.
Following the Group’s success in the Zimbabwe High Court the Group remains committed to dialogue with the Zimbabwe Government, with a view to establishment of a joint venture which will operate for the benefit of both the Company and the people of Zimbabwe. As soon as the joint venture achieves physical possession of the Claims its immediate priority will be the establishment of full security as soon as is practicable. Thereafter the Company hopes to make further announcements in respect of its intentions to establish a mutually beneficial operation as the situation develops.
The Marange diamond field has been topical in the world news of late, and operations on the ground there have led to a recent visit by the Kimberley Process review team. This review has led to dissatisfaction with the status quo and the Company has stressed that tenure needs to be resolved in order to enable formal mining so that Kimberley Process compliance can be achieved. The Company is pleased to note the security of tenure evidenced by the High Court judgment, and hopes that the security and transparency of operations that the joint venture intends to put in place will be recognized by the Kimberley Process.
Related posts:
- African Consolidated Resources ‘will Continue to Take all Steps it can to Protect its Rights and to Regain Possession’ of Zimbabwe’s Marange Claims
- Zimbabwe Attroney General Says Govt will Appeal Judgment Over Title to Marange Diamond Claims
- Zimbabwe Supreme Court Judgement Orders Zimbabwe Mining Development Corporation to Cease Mining Activities at Marange Diamond Claims
- African Consolidated Resources Offers Update on Marange Diamonds from Zimbabwe
- African Consolidated Resources to Continue to Try to Resolve Marange Diamond Issue
