African-focused explorer Botswana Diamonds on Tuesday said it had signed a memorandum of understanding with fellow AIM-quoted miner Vast Resources.
Under the terms of the agreement, the two companies will exchange information derived from past exploration on areas prospective for diamonds in Zimbabwe and form a jointly-owned special purpose vehicle to develop and exploit diamond resources in the African nation.

Vast acquired a database of diamonds in Zimbabwe in 2008 and began to carry out its own exploration in the field back in 2010, while BOD, which has independently acquired a diamond database in the country, along with its significant networks, has expertise in diamond exploration, development and mining.

John Teeling, BOD's chairman, said: "Zimbabwe is a country with excellent diamond potential. Both Botswana Diamonds and Vast Resources have extensive experience in and knowledge of the country. It is opening for business and both BOD and Vast are keen to make the most of this opportunity. I look forward to providing our shareholders with further updates in due course."

As of 0830 BST, BOD shares were up 4.35% to 1.20p, while Vast had gained 0.85% to 0.59p.

Related share prices
Botswana Diamonds (BOD) share price
Vast Resources (VAST) share price