JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources has added another $1.68-million to the existing $4-million loan from Sub-Sahara Goldia Investments to advance the process of securing the Baita Plai mine licence, in Romania.
Vast is in the process of agreeing the contractual terms of the association on the licence granting the right to mine polymetallic ore at Baita Plai. This process requires a $1.6-million payment, which the company said Sub-Sahara Goldia will finance.
The new loan is on the same terms as the existing $4-million facility, announced in January. It carries an interest of 1% a month and is repayable on or before March 9, 2018.
Vast provided its 49.9% interest in Sinarom Mining Group as additional security for the loan.
The formal right to mine at Baita Plai takes effect when the association on the licence is endorsed by the Economy Minister and approved by Romania's National Agency for Mineral Resources. Under Romanian legislation, this must follow within 60 days of the approval of the association on the licence by Baita SA.
Obtaining the right to mine at Baita Plai will represent a significant milestone in the process of expanding the mining operations of Vast in Romania, becoming the company's second mine in the country alongside its Manaila polymetallic mine.