The British company Vast Resources has signed an agreement with the investment firm Bracknor Fund Limited, through which the company will receive USD 2 million that will be invested in the mining projects in Romania and Zimbabwe, a press release informs. Further USD 3 million will be available and which will be paid gradually, USD1 million at a time, in the following two years.
As regards Romania, Vast Resources plans a series of important investments for the two mines operated in Manaila, Suceava county and Baita Plai, Bihor county.
The agreement between the two companies was signed in October and one of its main conditions is for the money to be used exclusively in Vast Resources’ mining activities, which in the case of the Romanian projects imply: the modernization of the production line for the zinc concentrate, which was recently opened in Manaila; continuing the drilling process in order to extend the lifetime of the mine in Manaila; evaluate and modernize the flotation line in the Baita Plai mine; reprocess the content of the tailing ponds form the Faneata area, Bihor county, in order to green the area.
The British company announced also that will start the mining activity at the Baita Plai mine, as soon as the company will receive the license.
“(…) Our aim is for the mines in Romania to have an beneficial and rapid evolution, which automatically translates into important financial benefits for the for Romania,” said Andrew Prelea, President and Executive Director of Vast Romania.
At present, the main objectives Vast Resources has for Romania are the modernization and of the Manaila mine and starting the production activities from the mine in Bihor county. In this context, the investment agreement signed in October comes as an additional financial support for achieving the targeted plans.