Vast Resources’ Romanian portfolio includes an 80% interest in the Baita Plai polymetallic mine. This UK-based company said that its flotation plant at the Baita Plai polymetallic mine in Romania is now fully operational and producing copper concentrate.
Vast Resources is on track to surpass its initial copper sales delivery target included in the project production and associated operational cash flow forecasts announced on September 7, it said in a press release. The company expects to complete the initial production of copper concentrate by the end of October, and deliver between 350-400 tonnes of copper concentrate to energy and commodity trading company Mercuria as soon as possible thereafter.
Earlier this month, the company announced that it has restarted production at Baita Plai after suspending operations for refurbishment works on the transport link between the mine and the flotation plant. Also earlier this month, Vast Resources said that it expects to complete the asset-backed debt-financing process for Baita Plai in December. The company announced last month that it is negotiating a debt financing facility with an unnamed international banking institution.
Vast Resources also owns the Manaila polymetallic mine in Romania commissioned in 2015, currently on care and maintenance.