Vast Resources buys remaining stake in Manaila mine

Georgiana Bendre 24/03/2017 | 14:16

Vast Resources has bought the remaining 49.9 percent of the shares from the mine in Manaila, Suceava county, becoming the sole owner of Sinarom Mining Group SRL.

After the transaction completion, the further sum invested by Vast Resources to acquire all the shares will reach USD 2.5 million, taking the total investment in Sinarom to over USD 7.5 million.

Purchasing the entire share package of the mine in Manaila will allow the British miner to further invest in developing the area and the project in Suceava.

„The mine in Manaila evolved a lot in the past two years, since Vast Resources became a shareholder. 2016 was a reference year for this project: we have found efficient ways to increase the ore quality and extract two different types of concentrate: Zinc and Copper. Furthermore, in December we have obtained two new prospecting licences in the vicinity of the mine, at Piciorul Zimbrului and Magura Neagra. In this context, owning 100 percent of the mine in Mănăilă will allow us to develop new projects in the area and create an extensive metallurgical complex, ” said Andrew Prelea, president and CEO of Vast Resources Romania.

Vast Resources is also interested in making a joint venture partnership, as it will help increase both mine production of Manaila and other projects that the company develops in Romania.

Vast Resources was founded in late 2005, having the exploration of mineral deposits in Zimbabwe and Southern Africa as main activity. In May 2013 Vast Resources became interested in Romania in order to develop the business strategy.

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