Vast Resources said on Wednesday that it has received approval from Romania’s National Agency for Mineral Resources (ANRM) to mine at Baita Plai polymetallic site.
The permit was granted to the company’s 80% subsidiary African Consolidated Resources (AFCR), Vast Resources said in a statement.
Through AFCR, Vast Resources currently owns an 80% interest in the Baita Plai mine, which is located in the Apuseni Mountains, Transylvania region in Romania. The area hosts Romania’s largest polymetallic and uranium mines.
Vast shares rose 15% to 0.66 pence (0.76 euro) shortly after the announcement, data from the London Stock Exchange showed.
“After a long and difficult process, we are delighted to now be in a position to work towards the re-opening of the Baita Plai polymetallic mine. This historic event marks the granting of an Association Licence of a polymetallic mine in Romania for the first time in 19 years and has been a learning experience for all the entire team and all stakeholders,” Vast Resources CEO, Andrew Prelea, said in the statement.
Vast Resources will provide regular updates of the progress of works at the mine, which the company believes will transform its overall production profile in Romania and the prospects for Vast generally, the CEO added.
In August, Vast Resources said that it plans to acquire an indirect 29.41% interest in the polymetallic mineralisation Blueberry Project located in the Golden Quadrilateral of Western Romania.
Besides Baita Plai, Vast Resources owns Sinarom Mining Group, the owner of the Manaila polymetallic mine in Romania. It also owns an 80% interest in a prospecting licence over the Faneata tailings dam located 7 km from the Baita Plai.
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.