This increases Vast’s ownership of the producing mine to 100% and follows the settlement of debts associated with Vast’s acquisition of its original 50.1% interest in Sinarom, as announced on 14 March 2017, the company said in a statement.
The completion of the transaction will reach a total $2.5 million and the overall investment in the company will reach $7.5 million.
The company also said in its statement that discussions are continuing concerning further transactions in relation to Sinarom, which could include the introduction of a joint venture partner and / or securing debt at the subsidiary company level in order to help increase production at both Manaila and advance the newly acquired Piciorul Zimbrului and Magura Neagra licences, which are proximal to Manaila. Both licences have demonstrated their prospectivity for polymetallic mineralisation and Vast is considering the potential to develop these assets as part of an enlarged Manaila Metallurgical Complex.
Vast Resources recently announced that significantly higher grades of silver, copper, lead and zinc have been confirmed at the 4.6Mt Faneata Tailings Dam, located near the Baita Plai Polymetallic Mine in Romania.
Vast Resources was founded in late 2005 and its core activity consists of exploration of mineral deposits in Zimbabwe and Southern Africa. In addition to the activity in Africa, in May 2013, Vast Resources has turned its attention to Romania, in view of developing its business strategy.