The High Court of Zimbabwe has reversed a ruling that backed the African Consolidated Resources mining company's claim to the Marange diamond fields, the company has reported.

The appeal against the ACR claim was based on the Zimbabwe government's allegation that the company had filed it under fraudulent pretenses.

ACR CEO Andrew Cranswick said that the diamond company planned to appeal the High Court's ruling to Zimbabwe's Supreme Court, which would in effect freeze the latest ruling so that the "existing orders still stand," Bloomberg quoted Cranswick saying.

“ACR as a company remains ready and willing to reach a compromise settlement with government on the issue.”

Following the High Court ruling, ACR's stock saw its biggest drop since mid-May, down 20% to 9.25 pence per share.