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Vast Resources operating mines in Romania and Zimbabwe

Mining News - Published on Fri, 12 Oct 2018

Image Source: The Zimbabwe Independent
Vast Resources plc, the AIM listed mining company with operating mines in Romania and Zimbabwe, wishes to advise that following the announcement of 20 September 2018 regarding the joint formal application to Romanias National Agency for Mineral Resources (ANRM) for approval of the grant to the Companys 80% subsidiary African Consolidated Resources srl (AFCR) of an Association Licence, the Company together with Baita SA were advised on 10 October 2018 by ANRM that the formal approval of the Association Licence has now been granted which will give AFCR the right to mine at Baita Plai. Embedded in the ANRM approval is the pre-agreed commercial contract with Baita SA the holder of the head licence which AFCR is now free to sign and which must be signed within five working days. Special terms in the commercial contract were included in the Companys announcement of 30 May 2018.

Mr Andrew Prelea CEO commented After a long and difficult process, we are delighted to now be in a position to work towards the re-opening of the Baita Plai polymetallic mine. This historic event marks the granting of an Association Licence of a polymetallic mine in Romania for the first time in 19 years and has been a learning experience for all the entire team and all stakeholders. Our patience and determination have won out, and we now look forward to implementing our development strategy to recommence production at Baita Plai in as short timeframe as practicable. We will provide regular updates of the progress of works at this mine, which we believe will transform our overall production profile in Romania and the prospects for the Company generally.

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Posted By : Rabi Wangkhem on Fri, 12 Oct 2018
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