Vast subsidiary gets right to mine at Baita Plai

Romania and Zimbabwe-focussed mining company Vast Resources told the market on Tuesday that, following the 10 October announcement of the formal approval by ANRM of the grant of an association licence to African Consolidated Resources (AFCR), its 80% subsidiary, both AFCR and head licence holder Baita had now signed the pre-agreed commercial contract.

The AIM-traded firm said AFCR now had the right to mine at the Baita Plai Polymetallic Mine in Romania.

“The commercial association contract has now been executed and the agreed amount of money settled,” said Vast chief executive officer Andrew Prelea.

“We will now deploy the start-up team to Baita Plai to commence the implementation of the re-start programme.”

Prelea said the company intended to publish the startup works programme in order for shareholders to keep track of the restart schedule in the coming days, and provide regular updates over the course of the next six months as it targeted initial production from Baita Plai in the first half of 2019.

“This is a momentous day for Vast as we move forward with Baita Plai, alongside our numerous other production, development and appraisal assets in Romania and Zimbabwe, and target mid-tier multi-commodity producer status.”