Vast secures loan to advance Baita Plai licence process
JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources has added another $1.68-million to the existing $4-million loan from Sub-Sahara Goldia Investments to advance the process of securing the Baita Plai mine licence, in Romania.
Vast is in the process of agreeing the contractual terms of the association on the licence granting the right to mine polymetallic ore at Baita Plai. This process requires a $1.6-million payment, which the company said Sub-Sahara Goldia will finance.
The new loan is on the same terms as the existing $4-million facility, announced in January. It carries an interest of 1% a month and is repayable on or before March 9, 2018.
Vast provided its 49.9% interest in Sinarom Mining Group as additional security for the loan.
The formal right to mine at Baita Plai takes effect when the association on the licence is endorsed by the Economy Minister and approved by Romania's National Agency for Mineral Resources. Under Romanian legislation, this must follow within 60 days of the approval of the association on the licence by Baita SA.
Obtaining the right to mine at Baita Plai will represent a significant milestone in the process of expanding the mining operations of Vast in Romania, becoming the company's second mine in the country alongside its Manaila polymetallic mine.
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?
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