Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
its a toughy Ian, my gut says AP will secure the cash, I see no reason for Mercuria to not fulfill their obligation.
I think Mecuria may see Vast as their opportunity to have first mover advantage in a country that wants to revitalise its mining industry and Vast are their 1st rung on the ladder.
I think Mercuria will be forward looking at the potential of Blueberry, Zagra and other Remin mines and having supported Vast with Manaila and BP will be in in a strong position to secure further offtake agreements with us and building a strong relationship going forward.
im in for the paper round if it includes and nice toasted bacon and mushroom sarnie with brown sauce :)
FHP - Cheap as chips at the moment :)
07.25 this morning FHP, i emailed him last night
I asked AP the question. See below
The SSGI loan will be partially repaid from the offtake prepayment facility when drawn that will allow the off taker to secure its loan against the Romanian assets.
There is still a remaining balance that will be paid over a 12 month period.
Best,
Andrew Prelea
Good post TBTT !
Fantasy. We are all frustrated but swinging handbags at eachother isnt the answer
I think we should all go to the Winchester, have a nice cold pint and wait for this to all blow over! :)
I am glad i sold out before the 18% rise. Be really really peed off to be holding 18% higher!
Just in case for those that missed this on the 4th January
https://www.proactiveinvestors.co.uk/companies/news/211983/vast-resources-focuses-on-bringing-baita-plai-mine-into--profitable-production--211983.html
Vast Resources PLC (LON:VAST) expects a boost to profits and cash generation once production starts at the Baita Plai polymetallic mine in Romania.
Following the grant of a mining licence last year, the company anticipates mining at Baita will start in the next six months and is targeting initial production by the end of the first half of 2019.
The miner is also taking steps to improve the performance of its wholly-owned Manaila polymetallic mine in Romania.
In the six months to 30 September 2018, Manaila delivered a 61% increase in copper concentrate production to 1,526 tonnes compared to the previous half-year period and a 97% jump in zinc concentrate to 199 tonnes.
Manaila is one of two of the company’s operational mines, the other being the 25%-owned Pickstone-Peerless mine in Zimbabwe, which saw gold production rise 8% to 13,352 troy ounces in the half year.
Half-year revenue jumps on strong gold sales
Strong gold sales from the two mines led to a 47% increase in revenue in the period to US$21.942mln.
Vast Resources plans to construct a metallurgical processing facility at Manaila to deal with an expected increase in ore supply from the original pit and Carlibaba extension.
“The configuration of the new facilities is expected to contribute substantially to the improving efficiency and cost effectiveness of open pit operations as an economic scale of operations will be realisable,” chairman Brian Moritz said at the first half results published in December.
“Nevertheless, our focus over the next six months is in bringing Baita Plai into profitable production.”
Vast Resources announced earlier in December that it entered into a US$3.0mln bridge facility with the Bergen Global Opportunity Fund to finance further working capital including for Baita and other leading projects.
Zimbabwe projects
In Zimbabwe, the focus has been on securing a foothold in the Marange Diamond Fields, which is widely considered to be one of the richest sources of alluvial diamonds in the world.
Last year the company agreed principal terms of a joint venture with Red Mercury Ltd for the Heritage concession at Marange.
Under the principal terms, Vast Resources will take effective control of exploration and mining of the concession as well as marketing of the diamonds in consultation with Red Mercury.
Red Mercury will be responsible for providing a full mining licence and Vast will be responsible for procuring funding to develop an operating diamond mine on the Heritage Concession.
Elsewhere in Zimbabwe, the group recently acquired a 23.75% interest in the Eureka gold mine, which is planned to be in production by June 2019.
Blueberry funding secured
Back in Romania, Vast Resources in October secured the US$1mln
FHP - Just the 1 P ? :)
Oddly enough $1.68million of tranch A was used to pay off a bridging loan provided by Sub-sahara - we also have 3 and 1/2 years remaining of the offtake deal.
Lets hope so FHP, unusual for an SP to drop on a CEO purchase
Nice to see AP buying in, shame the other BOD are not following suit. Does this mean we are out of a closed period now as all information is out there albeit not fully signed off?
Heres to a turnaround 2019
An absolute joke this is turning into. No confidence left in AP.
Elequently put Badge :)
dont throw a £1 at him it will only be worth 30p when he throws it back :)
yrabs - agreed it needs clarifying. At the end of the day it is our money we have invested and AP has a commitment to advise us PI's of what is going on in our company
dodge - i think the point i am making is that AP says things to individuals and has made statements that imply things will happen within a time frame and time and time again these have been missed. I understand business does not always happen on a given date but it is normally executed within a timeframe. AP has consistently missed his own expectations which has now started to unravel the SP as confidence is shot. This financing and T2 delay is testament to that as is the SP today.
Having said all of this i did top up £1600 this morning on the drop at .31 I missed the .20's
Insane? Yes probably
Yrabs - Spot on
Dodge - with regards o the new equipment, i spoke to AP at the meeting back in August when he did the presentation. he told me then that equipment will be ordered and will be delivered within a few months. Tthat has never materialised neither has the second hand equipment he mentioned. AP now says early 2019 - Surely, if as a company you are committing to a few million pounds worth of equipment, you would demand a delivery date when you sign up and if that date is missed penalties would be incurred. Multi million poundsworth of equipment ordered hundreds of thousands raised as a deposit and we are being told it will turn up sometime in the future is in my mind CARP. Give us the date of arrival AP as its all too wishy washy now