Drilling at the Manaila expansion project.
JOHANNESBURG (miningweekly.com) – Aim-listed miner Vast Resources is exploring a number of potential nondilutionary financing options for its Romanian assets and said on Friday that it was in discussions with metal traders and debt providers to finance the new metallurgical complex planned for its Manaila polymetallic mine.
Interest in providing medium-term funding for its Sinarom Mining Group subsidiary has been sparked by positive drilling results at the Carlibaba deposit, adjacent to the Manaila mine, coupled with the 2018 offtake bidding process for concentrate.
The funding will facilitate the construction and commissioning of the new metallurgical complex, which internal company estimates show would result in a saving of up to 25% on the current production costs by eliminating the transport of ore and waste between the mine, the Iacobeni metallurgical complex, and the current tailings facility.
The company previously said it needed $10-million from a potential strategic investor or a potential partner at project level, but stated that the introduction of a debt facility would reduce the requirement by about 50%.