Vast Resources PLC (LON:VAST) shares surged on Wednesday afternoon after the explorer was granted an important formal award giving it the right to mine at its Baita Plai polymetallic mine in Romania.
Approval from Romania’s National Agency for Mineral Resources (ANRM) was the only thing left standing between Vast and re-opening the mine.
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“After a long and difficult process, we are delighted to now be in a position to work towards the re-opening of the Baita Plai polymetallic mine,” said chief executive Andrew Prelea.
“This historic event marks the granting of an Association Licence of a polymetallic mine in Romania for the first time in 19 years and has been a learning experience for all the entire team and all stakeholders.”
He added: “Our patience and determination have won out, and we now look forward to implementing our development strategy to recommence production at Baita Plai in as short timeframe as practicable.”
Vast has previously said that Baita Plai could be host to as much as 108,000 tonnes of copper equivalent.
Shares were11.2% higher to 0.64p on Wednesday afternoon.