UK-based Vast Resources said on Tuesday that it has signed a commercial contract to begin operations at the Baita Plai polymetallic mine in Romania.
The agreement was concluded between Vast’s 80%-owned subsidiary African Consolidated Resources and state-owned Baita SA, Vast said in a statement.
“We intend to publish the start-up works programme in order for shareholders to keep track of the re-start schedule over the coming days and provide regular updates over the course of the next six months as we target initial production from Baita Plai in H1 2019,” Vast Resources CEO, Andrew Prelea, said in the statement.
Earlier this month, Vast said it has received approval from Romania’s National Agency for Mineral Resources to mine at Baita Plai polymetallic site.
Through AFCR, Vast Resources currently owns an 80% interest in the Baita Plai mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.
In August, Vast Resources said that it plans to acquire an indirect 29.41% interest in the polymetallic mineralisation Blueberry Project located in the Golden Quadrilateral of Western Romania.
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, a mining and resource development company listed on the Alternative Investment Market of the London Stock Exchange, is focussed on the rapid advancement of high-quality brownfield projects and recommencing production at previously producing mines in Romania and Zimbabwe.