Baita Plai Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
22 September 2023
Vast Resources plc(‘Vast’ or the
‘Company’)
Baita Plai
Update
Vast Resources plc, the AIM-listed mining
company, announces a clarification regarding certain reports made
today regarding its Baita Plai Polymetallic Mine (‘Baita Plai’) in
Romania.
Certain Romanian press outlets reported strike
action by mine workers at Baita Plai. The strike action, which was
undertaken illegally, was reported from the mine and coordinated by
a small number of individuals. The majority of the workforce remain
supportive of the Company and continue to perform their duties on
site without impediment; as such the impact on operations at Baita
Plai is expected to be minimal.
The situation has arisen due to a delayed
payment of a concentrate shipment made on 10 September 2023 which
resulted in the scheduled salary payment, which had been agreed for
20 September 2023, not being made. The Company today has received
confirmation that payment has been made for this shipment and the
Company will make the outstanding payment due upon receiving
cleared funds and will update the market as appropriate
thereafter.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plcAndrew Prelea (CEO)Andrew Hall (CCO) |
www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland
CornishJames Biddle |
www.beaumontcornish.com+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited
– Joint Broker Toby Gibbs / James
Thomas (Corporate Advisory) |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint
Broker Richard Hutchinson |
www.axcap247.com +44 (0) 20 3206 0320 |
St Brides
Partners LimitedSusie Geliher |
www.stbridespartners.co.uk+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM
listed mining company with mines and projects in Romania,
Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid
advancement of high-quality projects by recommencing production at
previously producing mines.
The Company's Romanian portfolio includes 100%
interest in Vast Baita Plai SA which owns 100% of the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic
mines. The mine has a JORC compliant Reserve & Resource Report
which underpins the initial mine production life of approximately
3-4 years with an in-situ total mineral resource of 15,695 tonnes
copper equivalent with a further 1.8M-3M tonnes exploration target.
The Company is now working on confirming an enlarged exploration
target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic
Mine in Romania, which the Company is looking to bring back into
production following a period of care and maintenance. The Company
has also been granted the Manaila Carlibaba Extended Exploitation
Licence that will allow the Company to re-examine the exploitation
of the mineral resources within the larger Manaila Carlibaba
licence area.
Vast has an interest in a joint venture company
which provides exposure to a near term revenue opportunity from the
Takob Mine processing facility in Tajikistan. The Takob Mine
opportunity, which is 100% financed, will provide Vast with a 12.25
percent royalty over all sales of non-ferrous concentrate and any
other metals produced. Processing of stockpiled ore on site is
expected to commence in mid-2022.
In Zimbabwe, the Company is preparing for the
release of its diamonds previously mined by the Company and
preparing for their marketing. Upon the finalisation of the process
the Company will recommence its focus on the finalisation of the
mining agreement on the Community Diamond Concession in the Marange
Diamond Fields.
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