16th Oct 2018 12:26
LONDON (Alliance News) - Vast Resources PLC said Tuesday its has signed a contract with its subsidiary African Consolidated Resources Srl, giving Vast Resources the right to mine at the Baita Plai polymetallic mine in Romania.
"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," said Andrew Prelea, chief executive officer.
Vast said its 80%-owned subsidiary, African Consolidated Resources, on Wednesday last week had been granted formal approval by Romanian authorities for the licence, which gives it the right to mine at Baita Plai. The contract now signed between Vast Resources and African Consolidated gives Vast the same rights.
Prelea added: "We intend to publish the start-up works programme in order for shareholders to keep track of the re-start schedule over the coming days and provide regular updates over the course of the next six months as we target initial production from Baita Plai in the first half of 2019."
Shares in Vast Resources were up 3.2% Tuesday at 0.62 pence each.
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