Vast Resources’ mining at Baita mine in Romania started

Mining and concentrate production will continue uninterrupted during the development phase at Baita Plai, with underground production currently focused on levels 17 and 18 as well as the new mining area on level 19, Vast Resources said and added that the decline project to level 19 is progressing on schedule and mining of fresh higher grade ore at its Baita Plai polymetallic mine in Romania has begun.

Vast said exploration drilling targeting the downdip extension of the Antonio skarn to level 22 from level 19 is expected to commence in June 2021, as per its new mechanised mine plan. New mechanised mining equipment has arrived on site, it added, with the remaining equipment expected to arrive in accordance with the new mine plan schedule.

“I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future. We will look to provide further updates from Baita Plai via our social media platforms and via the regulatory news channels as appropriate over the coming days and weeks,” said Chief Executive Andrew Prelea.

Source: tools.morningstar.co.uk

Vast Resources to soon start initial trial production at Baita Plai mine in Romania

UK-based Vast Resources said that it will shortly start initial trial production at its Baita Plai polymetallic mine in central Romania.

The current cold commissioned capacity is up to 7,000 metric tonnes per month and will be progressively increase to 14,000 metric tonnes per month following the arrival of the new equipment from China in January, Vast Resources said in a statement.

Over the past year, since the association licence was granted, Vast Resources has either upgraded, refurbished or replaced the mine’s infrastructure required for the cold commissioning.

In October, Vast Resources signed a binding conditional bond issue deed for a facility of up to $15 million (13.5 million euro) through an issuance of secured convertible bonds to UK-based fund Atlas Capital Markets for the purpose of bringing projects in Romania and Zimbabwe into production.

In April, Vast announced it has received a draft proposal for a loan of up to $10 million from a Swiss bank to finance its Romanian mining projects.

Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.

Source: seenews.com