Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
15 August 2022
Vast Resources plc
(‘Vast’ or the ‘Company’)
Takob Processing Project Update
Vast Resources plc, the AIM-listed mining company, is pleased to announce that the official opening ceremony for the Takob joint venture project at the Takob Mine in Tajikistan (“Takob Processing Project”) with Open Joint Stock Company Korkhanai Boygardonii Takob ("Takob") has taken place today. The Company was represented by Andrew Prelea, Chief Executive Officer along with other representatives of the Company’s strategic partners in Central Asia Minerals and Metals Ore Trading FZCO, including Mr Abdul Jabbar Abdullah Ali Gargash.
The opening ceremony was attended by the following distinguished guests:
Sherali Kabir, the Minister of Industry and New Technologies of the Republic of Tajikistan
Safaralizoda Sh. N., Mayor of Varzob District
Michael Cockle, the Deputy British Ambassador to Tajikistan.
Rajabzoda Najibullo, Chairman of Board of Directors of Open Joint Stock Company Talco
Jabbarov Suhrob, Director of Talco Management Limited
As previously announced, Vast will receive a participation equivalent to a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced from the Takob Processing Project.
Photos of the official opening ceremony for the Takob Processing Project will be made available on the Company’s social media platforms.
Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:
“I would again like to thank the Minister of Industry and New Technologies of the Republic of Tajikistan, together with the Chairman and Executive Team of Open Joint Stock Company TALCO for their assistance in commencing the Takob Processing Project.
“I would also like to thank all the stakeholders and our strategic partners in Central Asia Minerals and Metals Ore Trading FZCO, including Mr Abdul Jabbar Abdullah Ali Gargash and Formin TJK, for giving Vast the opportunity to participate in this exciting venture that opens the door to further opportunities in Tajikistan.”
For further details on the Takob Processing and the Takob Tailings Projects, see the announcements made on 3 May, 24 May and 30 June 2022 via the Company’s website - https://www.vastplc.com/news/.
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish – Financial & Nominated Advisor
Shore Capital Stockbrokers Limited – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limited
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines, development projects and mining interests in Romania, Tajikistan and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA’s producing Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
Vast has an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in mid-2022.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.