Miner Vast Resources (LON:VAST) hopes to start production at its Baita Plai mine in Romania early next year after thrashing out an agreement with the state mining company. The new agreement is separate from an ongoing application that has become snared in the Romanian courts. Baita SA, the state-owned miner, and VAST will now work together to obtain agreement from the Ministry of Economy and Romania’s National Mining Agency (ANRM) for a sub-licence. Once awarded, Vast Romania will pay Baita around US$1.05mlm for loans outstanding and de-watering costs it has incurred. Miners at BBPM have already taken industrial action in support of Vast, action that was ended on a government assurance that action would be taken to expedite the permit award. Andrew Prelea, Vast Romania’s president, said: "This agreement is extremely important and transformational for the company. "I am confident that the matter of issuing the Mining Sub-licence to BPPM will now proceed to completion swiftly and I am hopeful that BPPM will be in production during Q1 2016." BPPM comprises1.8mln tonnes of a copper-silver-zinc-lead- gold-tungsten-molybdenum ore body at 6% copper equivalent using Soviet standards. Vast also has 50.1% stake in the Manaila Polymetallic Mine, northern Romania, and an interest in the Pickstone-Peerless gold mine in Zimbabwe.
Vast Resources agrees steps to get Baita Plai licence
Once awarded, Vast Romania will pay Baita around US$1.05mlm for loans outstanding and de-watering costs it has incurred.