Vast Resources PLC (LON:VAST) is hopeful mining will start by the end of the year at Baita Plai at Romania.
Baita, the state mining company that holds the head licence at the site, has chosen Vast’s subsidiary African Consolidated Resources after a competitive selection process.
WATCH: Vast Resources hoping to kick off production at Baita Plai by year-end
A final association licence is required to allow mining to begin. This requires a Ministerial Agreement, regulatory approvals from Romania's National Agency for Mineral Resources (ANRM) and the final negotiations of the terms and conditions of the association licence.
"These steps are intended to be implemented in the shortest possible time to allow operations at Baita Plai to start before the end of 2017," said Vast in a statement.
WATCH: Vast Resources seeing an 'upward trend' in Romania & Zimbabwe after difficult Q1
In late afternoon trading, shares in Vast Resources were over 17%, or 0.07p higher at 0.44p.
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