Vast expects to start production at Romanian project in 2016
JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources’ 80%-owned subsidiary African Consolidated Resources (Vast Romania) has signed an agreement with Romanian State-owned company Baita setting out steps for Vast to obtain the right to mine the Baita Plai Polymetallic Mine (BPPM).
The agreement, which was initiated by Baita, was independent of Vast Romania's rights to obtain a mining sublicence through an existing merger agreement with Baita’s subsidiary, Mineral Mining SA (MMSA), the completion of which remained delayed subject to approval processes in the Romanian Courts.
Baita SA sought to obtain the approval of the Ministry of Economy for the mining sublicence; sign the contract for the mining sublicence; submit a bipartisan letter to the Romanian National Mining Agency (ANRM) for the mining sublicence; and seek to secure ANRM's approval for the mining sublicence.
The new agreement also set out that, within 48 hours of ANRM's agreement, Vast Romania would pay $608 744 to Baita, which was a debt to which Vast Romania would already have been liable on completion of the earlier merger agreement.
In addition, Vast Romania would pay Baita $367 000, less a debt owed by Baita to MMSA of $77 560, in 12 equal monthly instalments, with the first payment to be made three months after ANRM's approval of the mining sublicence. This represented dewatering costs for the benefit of BPPM borne by Baita during MMSA's administration.
"This agreement is extremely important and transformational for the company. I am confident that the matter of issuing the mining sublicence to BPPM will now proceed to completion swiftly and I am hopeful that BPPM will be in production in the first quarter of 2016,” Vast Romania president Andrew Prelea noted.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
