Swiss trader invests USD 9.5 mln in mining operations in Romania

British company Vast Resources, which owns two non-ferrous metal mines in Romania, has obtained a USD 9.5 million financing from Mercuria Energy Trading, one of the biggest independent energy and commodities traders in the world. Vast Resources will invest the funds in the construction of the metallurgical complex near the Mănăila mine, Suceava County, and in restarting the mining activity in Bihor at the mine in Băiţa Plai. The agreement is for the period January 2018 - December 2021, and it also includes the sale of copper and zinc concentrates processed in the Romanian mines to Mercury Energy Trading Group throughout the collaboration. "We are happy to enter into this contract as we anticipate that the funds will allow us to meet all our short and medium-term objectives in Romania. Our efforts are directed towards the expansion and optimization of the Mănăila mine and, subject to associating on the license, the start of production in our mine in Baita Plai, with no equity dilution to shareholders," said Andrew Prelea, CEO of Vast Resources. Founded in 2004, Mercuria is now one of the largest privately-owned businesses of its type in the world with gross turnover of USD 91 billion. editor@romania-insider.com