Vast Resources plc Company Update
May 15 2023 - 2:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
15 May 2023
Vast Resources plc
('Vast' or the 'Company')
Company Update
Vast Resources plc, the AIM-listed mining company, is pleased to
announce an update in relation to the Asset Backed Debt facility
from A&T Investments SARL ("Alpha") as announced on 16 May
2022, the debt owed to Mercuria Energy Trading SA ("Mercuria")
relating to Tranche A of the Prepayment Agreement announced on 21
March 2018 and the anticipated settlement of the historic claims in
Zimbabwe.
As announced on the 16 May 2022, the totality of the debt owed
to Mercuria and Alpha (currently approx. GBP7.3m) was due to be
repaid on or before Monday 15 May 2023. The Company is currently
concluding documentation regarding an extension to 30 June 2023
that will allow the necessary time to finalise the settlement of
the historic claims in Zimbabwe.
The Company can confirm that Andrew Prelea, the Company's Chief
Executive Officer, is currently in Zimbabwe as the Company
finalises the recovery of the historic parcel of 129,400 rough
diamonds held in safe custody at the Reserve Bank of Zimbabwe
pursuant to the High Court Order in the Company's favour.
The Company will update the market with further details in due
course.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously
producing mines.
The Company's Romanian portfolio includes 100% interest in Vast
Baita Plai SA which owns 100% of the producing Baita Plai
Polymetallic Mine, located in the Apuseni Mountains, Transylvania,
an area which hosts Romania's largest polymetallic mines. The mine
has a JORC compliant Reserve & Resource Report which underpins
the initial mine production life of approximately 3-4 years with an
in-situ total mineral resource of 15,695 tonnes copper equivalent
with a further 1.8M-3M tonnes exploration target. The Company is
now working on confirming an enlarged exploration target of up to
5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania,
which the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides a
share of revenue generated from the Takob Mine processing facility
in Tajikistan. The Takob Mine opportunity, which is 100% financed,
will provide Vast with a 12.25 percent royalty equivalent over all
sales of non-ferrous concentrate and any other metals produced.
In Zimbabwe, the Company is preparing for the release of its
diamonds previously mined by the Company and preparing for their
marketing. Upon the finalisation of the process the Company will
recommence its focus on the finalisation of the mining agreement on
the Community Diamond Concession in the Marange Diamond Fields.
(END) Dow Jones Newswires
May 15, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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