Aim-listed mining company Vast Resources could start mining a 1.8-million-tonne-orebody in Romania in the near future, with the company only one regulatory step away from final approval for the Baita Plai polymetallic mine.

Vast said Minister of Economy had approved the association licence agreement with Baita SA, the holder of the Baita Plai head licence. 

All that is left for Baita SA and Vast’s 80% subsidiary, African Consolidated Resources (AFCR), to do before mining can start is to apply for formal approval from the National Agency for Mineral Resources (ANMR).  

Vast expects the approval to be obtained in early July, it said on Friday.

Obtaining the Minister of Economy's agreement is the culmination of almost a year's activities, which started in July 2017 with a competitive selection process intended to achieve the granting of the right to mine.  The company was advised in August last year of the successful selection of AFCR and work since then has been focused on establishing the detailed terms of the association licence agreement.

"Following this agreement from the Minister matters now lie with Baita SA and AFCR to make the application for the final seal of approval from ANRM and I am confident that this last item should be dealt with quickly and without issue. The importance of Vast receiving the right to mine at Baita Plai cannot be overstated - simply put, this will allow us to begin mining a 1.8-million tonne orebody with a copper equivalent grade of approximately 6%, which would transform our production profile,” Vast CEO Andrew Prelea commented.

The Baita Plai mine benefits from full infrastructure including underground, surface and processing equipment and an European Union registered and operational tailings facility, but the plant and equipment will require some rehabilitation.

Vast also owns the Manaila polymetallic mine, in northern Romania, and the Pickstone-Peerless gold mine, in Zimbabwe.