The USD 9.5 million will get to Vast Resources in two installments in the first 7 months of this year. The agreement is for the period January 2018 – December 2021, and it also includes up to 100 percent sale of copper and zinc concentrates processed in the Romanian mines to Mercury Energy Trading Group throughout the collaboration. An important benefit of this agreement is the substantially more attractive price the British company will obtain from concentrate sale, compared to other such contracts in the past.
Vast Resources continues its plan to focus on the development of the mines it manages in the territory of our country.
“We are happy to enter this contract as we anticipate that the funds will allow us to meet all our short and medium-term objectives in Romania. Our efforts are directed towards the expansion and optimization of the Manaila mine and, subject to associating on the license, the start of production in our mine in Baita Plai, with no equity dilution to shareholders,” said Andrew Prelea, CEO of Vast Resources.
Out of the funds attracted this year, USD 1.6 million will be used to return part of the loan made last year from Sub-Sahara Goldia Investments (SSGI), and the remaining money will be invested in Romania.
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