UK-based Vast Resources said on Wednesday that its subsidiary African Consolidated Resources is set to be granted the right to mine polymetallic ore from Baita Plai polymetallic mine in Romania.
African Consolidated Resources has been selected by Baita SA, the holder of the head-licence at the Baita Plai Polymetallic Mine in Romania, to be granted the right to mine ore from Baita Plai under mining licence 999/1999, Vast Resources said in a press release.
Vast Resources currently has an 80% interest in the mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.
The company now awaits execution of the final association licence which includes getting a ministerial agreement, regulatory approvals and from Romania’s National Agency for Mineral Resources .
Vast Resources said it hopes these steps to be implemented in the shortest possible time to allow it to commence operations at Baita Plai before the end of 2017.
Earlier in August, Vast Resources said it has signed a preliminary agreement for a proposed investment of up to $10 million (8.31 million) in the mining company, to be used mostly for the expansion of its Romanian operations. The investment proposal, made by an undisclosed corporate finance and investment firm, will be made in two stages, of $8 million and $2 million, respectively.
Besides Baita Plai, Vast Resources owns Sinarom Mining Group, the owner of the Manaila polymetallic mine in Romania. It also owns an 80% interest in a prospecting licence over the Faneata tailings dam located 7 km from the Baita Plai.
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.