Vast Resources appoints new GM as it continues to advance Baita Plai
(VAST ) has appointed a new General Manager for its Baita Plai Polymetallic Mine in Romania, where production and sales of concentrate ‘continue in line with expectations.’
The mining company said Marcus Brewster will assume the GM role at the site from 1 March 2021 and his duties will include leading the development of Baita Plai to its full potential, whilst maintaining the highest standard of safety and environmental compliance.
A senior mining professional with 24 years of open pit and underground experience, Marcus has ‘demonstrable expertise in delineating and progressing development programmes.’ Vast said he has also played a key role in successful mine turnaround projects as well as managing challenging mining operations in South America, Africa and Eastern Europe.
He previously held senior operational management positions at global mining companies such as Hummingbird Resources, Endeavour Mining Corporation, Nordgold & Gold Fields.
As part of his role, Marcus will provide mentoring and training to further develop personnel as the group ‘looks to adopt international operating best practice where possible.’
Commenting on the appointment, Andrew Prelea, CEO of Vast Resources stated, "We are delighted to welcome Marcus Brewster to the team as we continue to make demonstrable progress in the ramp up to achieve peak production at Baita Plai in 2021 as well as continue to further confirm the Mine's enlarged exploration target of up to 5.8M tonnes.”
Careful management of Baita Plai will obviously be key for VAST in 2021. Marcus brings a wealth of experience and the ability to mentor more employees on the ground, which goes someway to future proofing the business. Shares in Vast Resources have increased by 8.3% in the past two weeks from 0.12p to open 3.18% higher this morning at 0.13p following the announcement.
Reasons to Follow VAST
Vast Resources is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe. In Romania, the Company is focused on the rapid advancement of high-quality projects, particularly its wholly owned producing Baita Plai Polymetallic Mine.
The company previously reported the first commercial sale of concentrate produced at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania last month. Vast confirmed at the time that this first delivery of concentrate has been completed ‘in accordance with expectations.’
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.
Last year, the company enlarged its exploration target at the Baita Plai Polymetallic Mine to between 3.2m–5.8m tonnes following the group’s analysis of further historical drilling data.
Elsewhere, Vast has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow it to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, Vast is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields.
Multiple Re-Rating Catalysts
Vast is on track to surpass its initial copper concentrate sales delivery targets and expects delivery of between 350-400 tonnes of copper concentrate to commodity group Mercuria.
Production of Cu concentrate in October was estimated to be more than 50% of the total FY20 target with first deliveries to Mercuria expected imminently.
In December 2020, Vast announced that it had completed a placing to raise £4.8m ($6.45m) placing at 0.132p to satisfy expected requirements from the international banking institution which it said will enable it to ramp up to full production at its Baita Plai Polymetallic Mine.
Andrew Prelea, CEO of Vast said the facility is “a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021.”
He said this development “will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp up to full production at our Baita Plai Polymetallic Mine.”
Vast said it remains well funded following this placing and it reported earlier this month that it was making solid progress with the ramp up to full production at the Baita Plai Mine.
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