JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources said on Wednesday that it had made “significant progress” with the finalisation of the Baita Plai association licence, which forms a key part of its expansion plans in Romania.
Vast said that the Baita SA board had held a meeting this week, where it had requested its shareholder, the Ministry of Economy, to approve the association on the licence for the exploitation and processing of polymetallic ore from the previously producing Baita Plai mine. The Ministry has 30 days to do so.
On receipt of approval, Vast Resources’ 80% subsidiary African Consolidated Resources and Baita SA would jointly approach Romania's National Agency for Mineral Resources, which has to approve the transaction.
Vast said that Baita SA had said it would give “all the necessary support to complete the association operation”.
Obtaining the right to mine at Baita Plai will represent a significant milestone in expanding the mining operations of Vast in Romania, becoming the company's second mine in the country alongside its Manaila polymetallic mine.
Meanwhile, Vast has started prospecting activities at the Piciorul Zimbrului and Magura Neagra prospecting licences in line with a strategy to increase the resources near the Manaila mine.
The first stage of prospecting has been paid out of existing cash resources. Further investment in prospecting and development activities will be made in the second and third quarters of 2018, by which time Vast expects to have finance agreements secured for the advancement of the prospecting licences.