Vast Resources (VAST) , has been granted formal approval of an Association Licence from Romania’s National Agency for Mineral Resources for its 80% subsidiary African Consolidated Resources (AFCR) to mine at Baita Plai.
A joint formal application was made with Baita SA to Romania’s National Agency for Mineral Resources.
Embedded in the license approval is the pre-agreed commercial contract with Baita SA, the holder of the head licence which AFCR is now free to sign and which must be signed within five working days.
The special terms of the contract were included in its 30 May 2018 announcement, which detailed an agreement to lease Baita SA mining equipment, the installation of a second independent electricity supply line, and access to previously mined out upper galleries owned by Baita SA.
The galleries would allow access to other highly prospective areas of the perimeter which otherwise could only be accessed with difficulty, the company said.
Andrew Prelea CEO commented: “After a long and difficult process, we are delighted to now be in a position to work towards the re-opening of the Baita Plai polymetallic mine.”
“This historic event marks the granting of an Association Licence of a polymetallic mine in Romania for the first time in 19 years”
Shares were up 12% to 0.65p a share following the announcement.