Vast Resources to exit gold production with sale of Pickstone Peerless in Zimbabwe
A contract of sale has been agreed for its 50.1% holding in Ronquil Enterprise, which houses the stakes in Pickstone Peerless stake and the Eureka Gold Mine
Company
LON:VAST
Vast Resources plc is an AIM-quoted mining and exploration company dedicated to the discovery, development, and production of precious and base metals. The company has a long-standing presence on the ground in both Romania and in Zimbabwe.
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A contract of sale has been agreed for its 50.1% holding in Ronquil Enterprise, which houses the stakes in Pickstone Peerless stake and the Eureka Gold Mine
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Mid-cap cousin FTSE 250 was also lower, shedding around 56 points at 19,507
Vast is restructuring its debt and asset portfolio with the aim of securing longer-term funding to support its operations
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Vast Resources owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibab
The UK's blue chip index closed down nearly 44 points at 7,107. Meanwhile, mid-cap cousin FTSE 250 fell more than 116 at 19,513
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Vast believes it has two assets that could transform the prospects of the company, at Baita Plai and at Marange in Zimbabwe
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The UK blue-chip index finished around five points ahead at 7,183