Vast Resources PLC will sign a joint venture agreement with Zimbabwe Consolidated Diamond Co. this week for diamond exploration and mining in eastern Zimbabwe, Reuters reported Oct. 11, citing Mines Minister Winston Chitando.

The venture is part of President Emmerson Mnangagwa's initiative to increase the exploitation of the country's mineral resources to improve the economy and boost investment in mining with a plan to raise the sector's export earnings to US$12 billion by 2023 from US$3.2 billion in 2018.

Chitando said Vast Resources formed Katanga Mining Pvt. Ltd. with the local community in the Chiadzwa diamond fields, which will sign an agreement with Zimbabwe Consolidated, which holds the mining rights.

The deal was confirmed by a Vast Resources official. Fnancial details will be disclosed upon signing, according to the report.

Vast Resources will join new entrants in the country such as Russia's PJSC Alrosa and China's Anjin Investments.

Alrosa signed a joint venture agreement with Zimbabwe Consolidated to develop diamond deposits in the country in July.