JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources has conducted the first blast at the 1.8-million-ton openpit Manaila polymetallic mine, in northern Romania, and has started the first production of concentrate at its subsidiary Sinarom Mining Group’s processing facility, in nearby Iacobeni.
Vast acquired a 50.1% interest in Sinarom – the owner of the Manaila mine – earlier this year, with the acquisition remaining subject only to the requirements of Romanian law, which provided that any company share sale be gazetted for a period of 30 days before the transfer could be registered at the Romanian Trade Registry.
The sale of shares in Sinarom to Vast had already been gazetted and the company said it was not aware of any valid grounds for objection.
Vast expected that registration would become effective around August 20.
The company had already taken over management of Sinarom under a power of attorney and would now seek to progress towards mining ore production at a rate of about 10 000 t a month.
“Vast has, to date, invested in excess of $1-million in paying outstanding creditors, cleaning and preparing the openpit mine and upgrading processing facilities, moving over 50 000 m3 of waste product from the mine,” it said on Friday.
The Manaila mine currently employed 107 staff, as well as the Vast management team of 20 senior mining experts.