https://www.miningweekly.com

Vast advances discussions to secure replacement offtake finance

21st January 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Aim-listed Vast Resources on Monday announced that its directors will advance discussions with other parties with a view to securing replacement offtake prepayment finance for the $5.5-million Tranche B advance for its Manaila and Baita Plai polymetallic mines, in Romania.

This follows after Mercuria Energy Trading decided to not proceed with the Tranche B advance as set out under a prepayment agreement with Vast.

While some initial due diligence has already been under way by other potential offtake partners, a nonbinding indicative term sheet has been received and others are promised very shortly, the company added.

Legal work is expected to start shortly and it is anticipated that the process will not be protracted as the board believes the technical and legal due diligence that has already been performed on Baita Plai is robust and can be used to accelerate the process of securing offtake prepayment finance.

Amicable discussions are in progress with Mercuria on the future relationship between Mercuria and Vast with regard to offtake from Manaila and the obligations of the company with regard to the Tranche A prepayment finance of $4-million that was already advanced to Vast.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION