British mining company Vast Resources has received the first tranche of USD 4 million of the financing agreed with commodities trader Mercuria Energy Trading.
Vast Resources will use USD 1.6 million to return part of the loan it got last year from Sub-Sahara Goldia Investments (SSGI). The rest of the grant will be totally invested in the projects developed in Romania.
Vast Resources runs two polymetallic mines at Manaila, in Suceava county, and Baita, in Bihor county. The project in Suceava is already producing while the one in Bihor is still pending due to legal issues.
Vast’s priority this year remains the construction of the metallurgical complex in the proximity of the Manaila mine, which will help reduce transport costs, improve efficiencies and increase production capacity, according to company representatives.
“We look forward to growing our business in Romania and further investing in upgrading Manaila, looking for further opportunities and being a part of restarting the industry.” said Andrew Prelea, CEO of Vast Resources.
The company expects to draw the second tranche of the agreement with Mercuria Energy Trading, worth USD 5.5 million, in July this year, according to the plan.