Vast Resources secures USD 8 mln in fresh funding – to focus investments on Romaia

Newsroom 31/01/2017 | 16:16

The British mining company Vast Resources has attracted USD 8 million in fresh funds, most of which will be directed to the mines it owns and manages in Romania.

The company listed at the London Stock Exchange, started 2017 with the clear objective to develop the mining projects it operates in Suceava and Bihor Romania.

In this context, Vast Resources has obtained USD 4 million from selling 49.9 percent of the part of the assets it holds at the mines from Zimbabwe and got a USD 4 million loan. Most of these funds will be invested in Romania.

The miner will continue to have the operational control over the mines in Zimbabwe, but it plans for this year to focus its investments on the projects with high potential: the Romanian polymetallic mines.

“We have always thought that Romania is a country with huge potential in many industries, including mining. At present investing in the mine from Suceava is a priority for Vast Resources, as we want to expand and modernize it and to turn it into one of the biggest copper mines in Europe,” said Andrew Prelea, the president and CEO of Vast Resources Romania.

Alongside the expansion of the mine from Manaila, the company plans to continue the greening process of the tailing ponds from the Faneata area and to start the work at the mine from Baita Plai. Moreover, both mines will go through an upgrading process of modernization, to ensure the safety of our employees, but also also the high quality of the processed ore. These represent two of the main points of interest of the company.

Georgiana Bendre


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