Vast Resources (LON:VAST) will push to obtain the right to operate the Baita Plai polymetallic mine in Romania through regulatory means after receiving legal advice.
It follows the acceptance of the proposed merger between two of its Romanian subsidiaries by the Appeal Court of Cluj.
Last week, the company agreed a separate deal with Baita that would have seen it pay the state-owned miner around US$1mln for loans outstanding and de-watering costs.
But Vast said that following the court’s decision over the merger, it had received legal advice that it is in a position to follow the contractual rights route to the mining sub-licence.
The advice was that Vast could obtain the sub-licences “without any further legal argument by the holder of the head-licence, Baita SA.”
If the firm chooses to go down this route,it could save Vast around US$450,000.
“If Baita SA delays the granting of the Mining Sub-Licence, Baita SA would be liable to pay damages to Vast Romania to compensate it for additional costs incurred and/or loss of profits,” according to the legal opinion.