UK-based Vast Resources said that it will shortly start initial trial production at its Baita Plai polymetallic mine in central Romania.
The current cold commissioned capacity is up to 7,000 metric tonnes per month and will be progressively increase to 14,000 metric tonnes per month following the arrival of the new equipment from China in January, Vast Resources said in a statement.
Over the past year, since the association licence was granted, Vast Resources has either upgraded, refurbished or replaced the mine’s infrastructure required for the cold commissioning.
In October, Vast Resources signed a binding conditional bond issue deed for a facility of up to $15 million (13.5 million euro) through an issuance of secured convertible bonds to UK-based fund Atlas Capital Markets for the purpose of bringing projects in Romania and Zimbabwe into production.
In April, Vast announced it has received a draft proposal for a loan of up to $10 million from a Swiss bank to finance its Romanian mining projects.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.