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(Sharecast News) - Vast Resources updated the market on its recent operational and financing progress on Monday, announcing a placing to raise £1.75m at 0.16p per share, to provide additional working capital following the recent cash settlement of its conversion notice, and funding through to payment in full from first copper sales to Mercuria.
The AIM-traded firm said it was expecting port delivery of between 350 and 400 tonnes of copper concentrate from the Baita Plai Polymetallic Mine in Romania in early November, being the October sales delivery targets it announced on 22 October.
A JORC reserve and resource report for Baita Plai was still expected by the end of the week, the board added.
Further progress was made with asset-backed debt financing, with the visit of independent technical consultants to Baita Plai now complete, and independent environmental consultants set to undertake a site visit.
A binding term sheet with an unnamed international banking institution was expected to be signed by the end of November, with final approvals in December.
"Following the previous announcement made on 22 October regarding the October copper concentrate production and sales target at Baita Plai, the company would like to confirm that it is expecting the first port delivery of between 350 and 400 tonnes of copper concentrate to Mercuria will take place in early November," the board explained in its statement.
"Following the previous announcement made on 12 October regarding progress on asset-backed debt financing linked to Baita Plai, the company can confirm that the independent technical consultants have completed the required site visit and the independent environmental consultants have confirmed to undertake site visit at Baita Plai on 26 October.
"The company is engaged directly with the independent consultants in order to finalise the due diligence process."
At 1332 GMT, shares in Vast Resources were down 8.17% at 0.16p.
13 Mar 2024 14:23
IN BRIEF: Vast inks offtake deal with Trafigura for Baita Plai copper
Vast Resources PLC - Mining company with operations in Central Asia, Eastern Europe and Africa - Signs new exclusive offtake agreement with Trafigura Group Pte for copper concentrate produced at its Baita Plai mine in Transylvania. Trafigura is a Singapore-headquartered commodity trading company focused on base metals and energy commodities. The pair previously signed an offtake agreement for Vast's Takob mine in Tajikistan. The latest deal will be in place until June 2025. Vast says that copper concentrate production has been ramping up at Baita Plai, increasing 24% between the fourth quarter of 2022 and 2023, and that recent refurbishments will result in an improvement to the grade of concentrate produced at the mine.
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