Vast Resources subsidiary granted Baita Plai mining rights

Mining company Vast Resources announced on Wednesday that its subsidiary African Consolidated Resources has been selected by Baita SA - the holder of the head-licence at the Baita Plai Polymetallic Mine in Romania - to be granted the right to mine polymetallic ore from Baita Plai under mining licence 999/1999.

The AIM-traded firm said its subsidiary was chosen to be granted the right to mine at Baita Plai as part of a competitive selection process, implemented in line with the previously announced step plan to expedite the grant of the association on the mining licence.

“The company now awaits execution of the final association licence which is subject to the normal due process which includes a ministerial agreement, regulatory approvals from Romania's National Agency for Mineral Resources and the final negotiations of the terms and conditions of the association licence,” Vast’s board said in its statement.

“These steps are intended to be implemented in the shortest possible time to allow the company to commence operations at Baita Plai before the end of 2017.”

Vast said it would advise the market as soon as the regulatory steps were completed.