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Vast Resources pushes towards production in Romania and Zimbabwe

Snapshot

  • Diverse range of commodities in Zimbabwe and Romania 
  • Road map established for start of mining at Heritage diamond concession
  • Saleable concentrate expected from Romania's Baita Plai in 2020
Vast Resources

Quick facts: Vast Resources PLC

Price: 0.1602 GBX

AIM:VAST
Market: AIM
Market Cap: £21.4 m
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What it does

Vast Resources PLC (LON:VAST) is an AIM-listed mining company with a portfolio of assets in Zimbabwe and Romania.

It has exposure to a diverse range of commodities including copper, gold, silver, lead and diamonds.

 

What it owns

In Zimbabwe, Vast has the Heritage concession in the Marange Diamond Fields.

In Romania, assets include the Blueberry gold project, the Magura Neagra polymetallic licence and the Manaila polymetallic mine, the Baita Plai polymetallic mine (BPPM), the Piciorul Zimbrului permit and the Carlibaba Manaila extension project.

How's it doing in Romania?

Vast released a detailed cashflow forecast and production schedule after completion of confirmatory drilling at Baita Plai.

By the second quarter of 2021, the company plans to be producing over 2,000 tonnes of concentrate per quarter. By the third quarter, it will be generating net revenue of over US$5mln per quarter.

Vast already has 150 tonnes of prepared copper concentrate that will form part of the first sales to Mercuria, which is now expected to be delivered in October.

Work started in September on a new steel railway bridge between the mine and the flotation plant.

How's it doing in Zimbabwe?

A road map for moving forward with a plan to mine the Heritage concession following was established following meetings with local community leaders in Zimbabwe and the Zimbabwean parastatal Zimbabwe Consolidated Diamond Co (ZCDC). Recent progress in this process has been slightly disrupted by the coronavirus.

The agreements concerning the Heritage diamond concession will now be directly between the Vast and the ZCDC rather than the local community, but the local community will continue to be a beneficial recipient of shared profits, as per the original agreement.

Vast has everything in place to "hit the ground running" once it finalises the agreement with the ZCDC.

Video

 

What the CEO says: Andrew Prelea

“Batia Plai is expected to be one of the lowest cost per ton copper producers globally,” 

“The low operating costs will ensure Baita Plai remains a viable commercial operation regardless of the potential future commodity market fluctuations.”

Inflexion points

  • Long term finance secured for Romania assets
  • Agreement signed for Chiadzwa diamond fields
  • Details of Katanga JV structure
  • Production begins at either Chiadzwa or in Romania

 

 

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Vast Resources recommences production at Baita Plai mine

Vast Resources PLC's (LON:VAST) Andrew Prelea talks to Proactive London after confirming production has recommenced at its Baita Plai polymetallic mine in Romania. Prelea says that operations are on track to meet its October production and sales targets. He also updates investors on the...

2 weeks, 6 days ago

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