Vast Resources partially offloads Zimbabwe mines, focusing on Romania

UK mining company Vast Resources has obtained USD 4 million from selling 49.9 percent of the part of the assets it holds at the mines from Zimbabwe and has signed for a USD 4 million loan, the majority of this money is planned to be invested in Romania.

The decision of financing and developing the projects from Romania was taken due to the great results that the company has registered in the last the last two years on domestic market. The AIM-traded company will continue to have the operational control over the mines in Zimbabwe, but it plans for this year to focus its efforts and investments on the projects with high potential: the Romanian polymetallic mines.

“We have always thought that Romania is a country with huge potential in many industries, including mining. At present investing in the mine from Suceava is a priority for Vast Resources, as we want to expand and modernize it and to turn it into one of the biggest copper mines in Europe,” Andrew Prelea, the President and CEO of Vast Resources Romania said.

Therefore, Vast Resources plans to increase the investments in Romania, in order to ensure an accelerated development of the assets from the local market.

Alongside the expansion of the mine from Manaila, the company plans to continue the greening process of the tailing ponds from the Faneata area and to start the work at the mine from Baita Plai.

Moreover, both mines will go through an upgrading process of modernization, to ensure the safety of our employees, but also the high quality of the processed ore. These represent two of the main points of interest of the company.

 

 

Andrew PreleaB?i?a Plai mineFaneata areainvestments in RomaniaManaila minemines in Zimbabwepolymetallic minesRomanian minestailing pondsthe President and CEO of Vast Resources RomaniaVast Resources
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