Vast Resources plc, the AIM-listed mining company, is pleased to update the market on progress on the asset backed debt financing process linked to its Baita Plai Polymetallic Mine (“Baita Plai”) in Romania.
Following the previous announcement made on 10 September 2020 regarding progress on the debt financing process with an international banking institution (“the Bank”), the Company would like to inform the market on an indicative timeline to the conclusion of the debt finance facility.
Independent consultants have now been engaged by the Bank and subject to the satisfactory finalisation of technical, environmental & legal due diligence the Company and the Bank are targeting the finalisation of a Binding Term Sheet by the end of November with final approval targeted in December.
ABOUT VAST RESOURCES PLC
Vast Resources plc, is a United Kingdom AIM listed mining company with mines and projects in Romania 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 an 80% interest in the Baita Plai Polymetallic Mine. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. Work is now currently underway towards first concentrate production as well as efforts in place to establish a maiden Resource under the JORC code.
The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba license area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
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