Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

New Vast Resources boss shares mission statement with investors

"My appointment as CEO has occurred at a highly active and exciting time for Vast, and I am delighted to have been chosen by the board to take the company forward."
mining truck
Prelea was previously president of Vast’s Romania business

New Vast Resources PLC (LON:VAST)  chief executive Andrew Prelea has issued a statement giving investors his vision and mission statement.

Prelea, who was president of Vast’s Romania business, replaces Roy Pitchford who decided to step down in December.

"My appointment as CEO has occurred at a highly active and exciting time for Vast, and I am delighted to have been chosen by the board to take the company forward. 

“I have of course been involved with Vast for quite some time, and my involvement in the Romanian mining and metals sector goes back some 26 years.”

He added: “I joined Vast in 2012 to support the development of these assets into profitable mines. 

“With a strong network of contacts, extensive experience in-country and sound corporate knowledge, I look forward to supporting the continued growth of our company.

"It is with this experience and goal in mind that I have set out a framework of objectives for 2018, both corporate and operational, through which I intend to deliver real returns for our shareholders. 

“One of my primary tasks is to implement a wide-ranging cost cutting and saving programme at the corporate level during our next phase of growth, and, when balancing this with increased operational performance at our producing mines, I believe I can substantially enhance our current financial model.”

Prelea highlighted that the company will continue to focus on core assets in Romania and Zimbabwe – namely the Manaila and Baita Plai polymetallic mines in Romania and the Pickstone-Peerless Gold Mine in Zimbabwe.

“We have comprehensive work programmes underway at all of the above interests, aimed at directly increasing production, efficiency at every asset and move towards operational profitability in Romania in the near term. 

“News announcements will be made regularly in regard to achievements, in addition to our standard quarterly production reports - the first of which will be delivered by the end of this month.”

Expansion is, meanwhile, also noted to be core pillar of Prelea’s strategy as highlighted that new projects and opportunities were now being assessed in both Romania and Zimbabwe. “However, I would like to stress that expansion to new opportunities will be only be advanced if it can be demonstrated that it will not impact current projects or overall performance,” he said.

At the same time, the company is continuing talks over potential institutional investments which are expected to be the “principal component” of Vast’s future financing requirements.

“We are currently in possession of several offtake offers that are all more attractive than the historic pricing achieved, and we are now focusing on the financing aspect that will be attached to the agreements.

“There is one potential offtake and financing partner that we have identified as being particularly appealing and I hope to be in a position to announce an update on this imminently.”

“With this outlook for 2018, where both corporate and operational activities look set to deliver significant value to our shareholders, your board will not be resting idle. 

“Our performance over the next 12 months will be critical in achieving these objectives and it is with this in mind that we need to ensure that our board and management are capable and aligned to deliver.”

Vast is seeking to strengthen its board with “additional operational expertise” in the coming months, and Prelea intends to monitor performance across all areas of the business to “ensure that everyone associated with our company is providing the requisite skills and experience”.

View full VAST profile View Profile

Vast Resources PLC Timeline

Related Articles

Underground mine development at Syama
July 03 2018
The DFS update has also delivered longer life at the Mali project and increased underground reserves by 38%.
Drilling at Coglia Well
May 10 2018
Pending exploration results combined with those from a second drill program should allow the company to establish a resource estimate.
map showing Cobalt belt in East Ontario with projects marked
Tue
A historical 8-tonne bulk sample from the Mulligan project averaged 10% cobalt grade.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use