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BUCHAREST (Romania), December 23 (SeeNews) - UK-based Vast Resources said on Monday that it has commenced the drilling programme at its Baita Plai polymetallic mine in central Romania.
The results of the drilling programme will be used to further define the grades and resource and will support the process of confirming a Joint Ore Reserves Committee (JORC) - compliant resource at Baita Plai, Vast resources said in a press release.
On December 16, Vast announced that it will shortly start initial trial production at Baita Plai.
The current cold commissioned capacity is up to 7,000 metric tonnes per month and will be progressively increase to 14,000 metric tonnes per month following the arrival of the new equipment from China in January.
Over the past year, since the association licence was granted, Vast Resources has either upgraded, refurbished or replaced the mine’s infrastructure required for the cold commissioning.
In October, Vast Resources signed a binding conditional bond issue deed for a facility of up to $15 million (13.5 million euro) through an issuance of secured convertible bonds to UK-based fund Atlas Capital Markets for the purpose of bringing projects in Romania and Zimbabwe into production.
In April, Vast announced it has received a draft proposal for a loan of up to $10 million from a Swiss bank to finance its Romanian mining projects.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.
($= 0.8998 euro)