RSS 2.0 FeedSeptember 2009 Vol 11, Mining and Industry Indaba
African Consolidated wins Zimbabwe legal battle over Marange diamond field
Shares in African Consolidated Resources rose more than 23% to 14.5p this morning on news that the Zimbabwe High Court had backed the company’s claims on the Marange diamond field.
Shares in African Consolidated Resources rose more than 23% to 14.5p this morning on news that the Zimbabwe High Court had backed the company’s claims on the Marange diamond field.
African Consolidated acquired the claims in early 2006 but was evicted in October 2006. During the ensuing legal proceedings the company said it had attempted to work with all elements of the Zimbabwe Government in order to agree a joint venture in order to avoid litigation.
Following the legal success, the company reiterated that it remained committed to dialogue with the Zimbabwe Government, with a view to establishing a joint venture which would benefit both the company and the people of Zimbabwe.
Last year a team from Kimberley Process – the organisation that works to stem the flow of conflict diamonds – expressed dissatisfaction with the status quo at Marange. African Consolidated said it was now hoping that the security and transparency of operations that the joint venture intended to put in place would be recognised by Kimberley Process.
