Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - On June 30 announces its Takob plant in Tajikistan is in the final stages of refurbishment. Says equipment for the plant is expected to arrive on site in the first quarter of 2022. Anticipates royalty equivalent revenues. The processing of two months worth of stockpiled ore will start in July, firm adds.
"Vast will receive a participation equivalent to a 12.25% royalty over all sales of non-ferrous concentrate and any other metals produced from the Takob processing project," Vast Resources explains.
"With the potential to produce royalty equivalent revenues in the short term, and the prospect of large scale tailings processing in the medium term, all delivered through a financing structure which insulates Vast shareholders from dilution, I am confident that our activities in Tajikistan will prove to be very rewarding for the company," says Chief Executive Officer Andrew Prelea.
Current stock price: 0.73 pence, down 5.2% on Friday
12-month change: down 91%
By Tom Budszus; tombudszus@alliancenews.com
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Vast Res (VAST)