Aim-listed Vast Resources is moving to deploy a team of people at the Baita Plai mine to start the implementation of the restart programme, following the granting of an association licence.
The Romanian government has formally approved the association licence to Vast subsidiary African Consolidated Resources and the parties have signed a pre-agreed commercial contract.
“The commercial association contract has now been executed and the agreed amount of money settled. We will now deploy the start-up team to Baita Plai to commence the implementation of the re-start programme,” Vast CEO Andrew Prelea said on Tuesday.
The company is targeting initial production from Baita Plai in the first half of 2019.
“This is a momentous day for Vast as we move forward with Baita Plai, alongside our numerous other production, development and appraisal assets in Romania and Zimbabwe, and target midtier multi-commodity producer status,” Prelea added.
Baita Plai is located about 50 km from Romania’s largest polymetallic and uranium mine, Rosia Montana.
Vast also owns the producing Manaila mine and is exploring the potential for a new, larger Manaila metallurgical complex. It also owns the Faneata mine and recently acquired an indirect interest in prospective polymetallic mineralisation in the so-called “gold quadrilateral” in the Metaliferi mountains, through a new subsidiary EMA Resources.