Vast Resources has bid farewell to its diamond division’s executive director, Mark Mabhudhu, who is leaving the company to join the government-owned Zimbabwe Consolidated Diamond Company as its new chief executive officer.
Mabhudhu took up the new post on September 21 this year.
He succeeded Roberto De Pretto whose employment contract was terminated after holding the position in an acting capacity since May 16, 2019.
“Following a period of consultation with both the Company and the relevant Government of Zimbabwe Officials, a process that included a full disclosure as part of averting any possible conflict of interest, Mark Mabhudhu has accepted this role. As a result, he will leave his current role with the Company,” Vast Resources said in a statement.
According to Vast Resources, Mabhudhu’s primary role would be to focus on the diamond sector’s contribution towards the Zimbabwean government’s 2023 $12bn mining vision.
The vision is also driven by the attendant implementation of Joint Ventures between the ZCDC and investors in the diamond sector.
“The Company can also confirm that this personnel change in Zimbabwe will not pose any impediment to the finalisation of the anticipated Joint Venture Agreement between the Company’s subsidiary in respect of the Chiadzwa Community Diamond Concession.”
Vast Resources said further details regarding the finalisation of the Chiadzwa Community Diamond Project will be communicated to the market as and when they occur.
“Whilst we are of course sad to see Mark leave Vast Resources PLC, we are extremely excited that we will be able to continue to work with him in his new role within the diamond mining sector in Zimbabwe. We are confident that with Mark in his new role, the diamond mining sector in Zimbabwe will be set for a new high.
“On behalf of the Board and Mangement Team, I would like to thank Mark for all of his efforts and wish him all the best for the future and stress that he will always have an open door to return to the Company when he finalises his mandate at the ZCDC,”Andrew Prelea, Chief Executive Officer of Vast Resources PLC Commented.
Mabhudhu was the ZCDC’s inaugural chief executive but his initial reign ended acrimoniously and saw him being dragged before the courts on allegations of refusing to surrender company property after termination of contract.
Mabhudhu is a metallurgist with over 25 years technical and management experience across the diamond value chain.
ZCDC was established in 2015 after government consolidated all diamond operations in Marange to stem loopholes amid claims diamond proceeds were not reaching Treasury coffers. ZCDC has operations in Chiadzwa and Chimanimani in Manicaland Province. The state controlled enterprise has been haunted by scandals and under-performance since its formation.