October 26 (SeeNews) - UK-based Vast Resources said on Monday that it has received a five-year extension to its mining licence for Manaila Polymetallic Mine in Romania.
The extended mining licence covers the larger Manaila Carlibaba licence area and is now valid until October 29, 2025, Vast Resources said in a press release.
On June 30, the company announced that it has been granted an exploitation licence for the Manaila Carlibaba extension project in Romania, which allows it to re-examine the area for mineral resources.
The Manaila Carlibaba exploitation perimeter contains measured and indicated mineral resource of copper, lead, zinc, gold and silver, Vast Resources said at the time.
The enlarged exploitation licence is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation licence at Manaila, which covers an area of 27.2 hectares.
Vast Resources owns a 100% interest in the Sinarom Mining Group, which owns the Manaila Polymetallic Mine in Suceava County, in northern Romania. The mine is located 26 km from the town of Iacobeni, where the project’s current metallurgical complex is located. The Carlibaba Manaila extension is the site of an intended future open cast mine and new metallurgical processing facility.
Besides Manaila, Vast Resources' Romanian portfolio includes an 80% interest in the Baita Plai polymetallic mine.
Also on Monday, Vast Resources announced that it expects to make the first port delivery of copper concentrate from Baita Plai to energy and commodity trading company Mercuria in early November.
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.