24.3 C
Belgrade
Supported byspot_img
spot_img

Vast Resources takes over Romania Baita state owned mine

Member of Europium Groupspot_img
Supported byspot_img

Vast Resources plc announced that the Romanian State owned company Baita SA, has signed an agreement with Vast’s 80% owned Romanian subsidiary, African Consolidated Resources SRL (“Vast Romania”) setting out the steps to be taken in order for Vast Romania to obtain the right to mine Baita Plai Polymetallic Mine .

The New Agreement, which was initiated by Baita SA, is independent of Vast Romania’s rights to obtain a Mining Sub-licence through its existing merger agreement with its subsidiary, Mineral Mining , the final completion of which has thus far been delayed and remains delayed due to approval processes in the Romanian Courts.

As reported earlier by Romanian medias, the miners at Baita staged a sit-in demonstration underground and a hunger strike in support of Vast which was terminated through the personal intervention of the Minister of Economy and the President of the Romanian National Mining Agency (“ANRM”) who gave assurances that all that was necessary to enable the issue of the Mining Sub-licence to Vast Romania would be processed with due expedition.

Supported by

The steps which Baita SA has undertaken to follow under the New Agreement are: seeking to obtain the agreement of the Ministry of Economy for the Mining Sub-licence; signing the contract for the Mining Sub-licence; submitting a bi-partisan letter, together with Vast Romania, to ANRM for the Mining Sub-licence; and seeking to secure ANRM’s agreement to the Mining Sub-licence.

The New Agreement also provides that, within 48 hours of ANRM’s agreement to the Mining Sub-licence, Vast Romania will pay Lei 2,530,321 (approx. US$608,744) due to Baita SA by MMSA, which is a debt to which Vast Romania would already have been liable on completion of the Merger Agreement as explained in the announcement of 24 March 2015. In addition, it is provided that Vast Romania pay Baita SA Lei 1,525,404 (approx. US$367,000) less a debt due by Baita SA to MMSA of Lei 322,400 (approx. US$77,560) in twelve equal monthly instalments with the first payment due three months after ANRM’s agreement of the Mining Sub-licence. The figure of Lei 1,525,404 represents de-watering costs for the benefit of BBPM borne by Baita SA during MMSA’s administration.

As a result of this new Agreement, although it is anticipated that the Merger Agreement will be in due course completed, the obtaining of the Mining Sub-licence by Vast Romania is no longer dependent on its completion.

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!