Vast Resources PLC (LON:VAST) has updated on its operations including its pre-development work in Romania.
The company has engaged SRK Consulting which will provide scoping studies, preliminary economic assessments and/or preliminary feasibility studies for the assets in the Romania. Specifically, the focus is on the Baita Plai, Manaila, Carlibaba and the Carlibaba extension area.
It aims to establish independent evaluations for each of the assets, to further highlight the potential of the Romanian portfolio.
READ: Vast Resources receives draft indicative term sheet from Swiss bank
At the same time, the company is advancing efforts to raise financing. It is in a due diligence process with a Swiss Bank over a loan financing deal, with an indicative term sheet proposing up to US$10mln of debt funding.
It has also received an indicative financing term sheet for the Heritage Concession in Zimbabwe and additional indicative term sheets are expected shortly.
Talks to finalise the contract for the Heritage Concession are “progressing well” and it highlighted that a change in government policy has resulted in the cancellation of the country's indigenisation laws for diamonds.