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17/06/2024
Mining News

Vast Resources Selected for Aprelevka Gold Mines Development in Central Asia

Vast Resources an AIM-listed mining company with projects in Europe, Tajikistan, and Zimbabwe, noted the completion of a previously announced transaction regarding Aprelevka Gold Mines. In October 2023, Vast signed an MoU on behalf of Bay Square Pacific (owned by its strategic partner in Tajkistian) with Central Asian Minerals and Resources (CAMR), under which Bay Square was to acquire the entire share capital of Gulf International Minerals.

Gulf has a 49% interest in a joint venture with the government of Tajikistan (owning 51%) in the Tajik-Canadian company Aprelevka. Aprelevka holds 4 active mining licences along the Tien Shan Belt that extends through Central Asia, currently producing c. 11,600oz of gold and 116,000 oz of silver per year. Today, Vast announced the completion of the transaction, whereby Vast will manage and develop the Aprelevka Gold Mines on behalf of the owners. Funding required to carry out the intended development at the mines will be facilitated by Bay Square under an interest-free loan.

Supported by

For its participation, Vast will receive 10% of earnings before interest and tax that Gulf receives from its 49% interest in Aprelevka. Vast will be entitled to a right of first refusal to convert its earnings into an equity interest of 10% in Gulf at any time from 1 January 2025 to 15 January 2027, as well as a right to acquire at market price up to a further 20% of shares in Gulf at any time during the same period.

 

Source: Vox Markets

 

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