Vast Resources PLC (LON:VAST) has updated investors of progress with the Baita Plai project where it plans to secure permissions to mine.
The company has agreed to certain payments following meetings with the Ministry of Economy and Baita SA, the holder of the Baita Plai Head Licence, as it prepares to receive formal approval that would give Vast the right to mine.
WATCH: Vast Resources 'readying itself for the next phase of growth'
It will pay a €40,000 monthly rental for the lease of mining equipment and access to previously mined out upper galleries at Baita Plai
Additionally, Vast has committed to assume the obligation (estimated at US$200,000) to install a second independent electricity supply line.
“The board believe that the material in the upper galleries at Baita Plai is likely to be payable and that these galleries will allow access to other highly prospective areas of the perimeter which otherwise could only be accessed, if at all, with permitting difficulty because of environmental constraints concerned with the forest above the area,” the company said in a statement.