19th Oct 2023 14:27
(Alliance News) - Vast Resources PLC on Thursday reported progress on its activities in Tajikistan.
The mining and resource development company with interests in Romania, Tajikistan and Zimbabwe said the loading of the first shipment of 136 dry metric tonnes of lead and zinc concentrate has started and will be delivered to its off-taker Trafigura.
The company views the shipment as a "significant milestone" and anticipates regular shipments in the future.
Further, Vast Resources on behalf of Bay Square Pacific Ltd signed a memorandum of understanding with Central Asian Minerals & Resources. Under the MoU, Bay Square will buy the entire share of Gulf International Minerals Ltd, a company incorporated in the UK. The acquisition does not need any governmental approval in Tajikistan, Vast Resources said.
Chief Executive Officer Andrew Prelea said: "Our success in country and our collaborative approach to operating the Takob processing facility was key in securing the MoU with CAMR and demonstrates the board's ability to increase our earnings and enhance shareholder value, whilst establishing ourselves further in Tajikistan."
Vast Resources shares were 2.3% lower at 0.20 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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