15th Sep 2025 20:29
Vast Resources PLC - London-based miner in Romania, Tajikistan and Zimbabwe - Updates on operating sites in Romania. Says initial public and private tenders of the diamond parcels are planned to begin this month and continue through October. Continues to work with specialist consultants to further develop new cleaning and sorting processes specific to eluvial stones, which it says require several layers of cleaning and preparation to maximise their value at tender. This five-stage cleaning process has greatly improved the value of the parcels, adds. However, "in opting to follow this route to sale...the cost of achieving materially improved financial recoveries requires additional time to process the stones thoroughly".
Also, continues to undertake a comprehensive review of the geology of the overall project and the mining strategy at Baita Plai. As already reported, the review, which is being expanded to cover Manaila, requires mining operations to be temporarily suspended. Advanced discussions with potential joint venture partners and off-take financiers continue. Says that to date this is yielding positive results, and is encouraged by potential future production at both complexes. Expects to provide further updates in the fourth quarter as it works towards restarting operations at both sites.
Current share price: 0.34 pence, closed down 8.8% on Monday
12-month change: more than tripled
By Aidan Lane, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Vast Resources