Mining and resource development firm Vast Resources announce on Wednesday that it has taken steps to gain the right to mine at the Baita Plai Polymetallic Mine in Romania.
The AIM traded company said it has now agreed detailed terms in preparation for the approval of an association licence agreement with head licence holder Baita SA after holding talks with the company and a representative of Romania’s ministry of economy.
For an initial rental fee of €40,000 per month, the company will lease mining equipment and access to the mined out upper galleries at Baita Plai.
Initially, the company will pay two €40,000 payments as a guarantee in favour of Baita SA.
In a statement, Vast Resources said: “The board believe that the material in the upper galleries at Baita Plai is likely to be payable and that these galleries will allow access to other highly prospective areas of the perimeter which otherwise could only be accessed, if at all, with permitting difficulty because of environmental constraints concerned with the forest above the area.”
Vast Resources has also agreed to install a second independent electricity supply line at the site, at a cost of approximately $200,000, giving the company security of supply.
As of 1034 BST, Vast Resources’ shares were up 4.22% at 0.57p.