Romania mining: Vast Resources becomes the sole owner of the Manaila Mine for a million dollars, Mining
The British company Vast Resources, which owned 50.1% shares in Sinarom Mining Group that owns the Manaila project, has bought the remaining shares of the company from the Chinese businessman Ni Jin Ming, for one million euros. Payment will be made in two stages, by April 30.
The company announced it is currently conducting negotiations regarding other transactions in Romania, which could include the introduction of joint venture in order to increase production at Manaila Mine and support the new projects, Piciorul Zimbrului and Magura Neagra, near the Manaila.
In addition to Manaila mining project, Vast Resources owns 80% of Baita Plai Polymetallic Mine, in Bihor County, which is currently underway towards obtaining mining license.
The British company has announced that larger quantities of metal, including silver have been discovered in the mine, than originally estimated.
Compared with the original estimates, the new numbers indicate a 12% higher content of copper per ton of processed ore, 14% higher content of zinc, 82% lead and 24% of silver, which leads to a content of 9.15 g per ton of processed ore.
At the end of January, Vast Resources announced that it had attracted strategic investment of eight million dollars by selling shares in a gold mine in Zimbabwe and that it will use the funds to develop projects in Romania.
Last year, Vast Resources invested USD 5.5 million in Romania, in mines Manaila and Baita Plai, and it started the greening process for the tailing ponds in the county of Bihor.
In December, the company obtained two new licenses for prospecting in Romania, for the perimeters Piciorul Zimbrului and Magura Neagra, located a few dozen kilometers from the Manaila Mine. Vast Resources plans to explore two new complexes in terms of developing copper and gold deposits.
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