Vast Resources (VAST) will offer an initial 126,677.5 carats of rough diamonds to tender in Dubai this week, of which 12,591.77 carats will be of mixed-quality gem, including gem, cleavage and Rejection High category.
A further 63,091.75 carats will be of low-grade gem (Rejection Low category) and a further 50,993.98 carats of industrial stones.
The balance of the higher quality stones will be sold in a phased manner in due course to seek to maximise revenues and the total value of the diamonds for shareholders.
Separately, the company also announced the paying down of US$1 million in debt to two lenders, and now expects to pay the rest of its debt off with the proceeds from the tender.
View from Vox
Good to see the details of the tender being finalised. The company has expended some efforts producing parcels of higher quality, and the cash influx from the sale will be very welcome as Vast looks to continue to progress with development and redevelopment work on its broad portfolio of metals assets.