Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
9 June 2021
Vast Resources plc
("Vast" or the "Company")
Successful Conclusion of Collective Bargaining Agreement at Vast Baita Plai S.A
Vast Resources plc, the AIM-listed mining company with mines and projects in
On 7 June 2021, the Company and the Company's employees' representatives commenced discussions regarding the newly presented CBA and discussed the employees' requests and the financial incentive scheme as part of the CBA presented by the Company.
On the morning of 8 June 2021, before the commencement of the second day of formal negotiations and prior to negotiations being concluded, the Company's mine management team were approached by a small group of underground miners who presented themselves at the Baita Plai Administration Offices in opposition to the formal negotiation process. The negotiations however were already at an advanced stage prior to the gathering and were subsequently concluded without interruption to to either the due process or the Company's mining operations.
Background
In 2020, despite the global Covid-19 pandemic, Vast Resources PLC hired over 100 new personnel bringing the total number of employees to 281 at Baita Plai, creating over 200 new jobs in the area.
The Company can confirm that in June 2020 the Company increased the salaries of all employees at Vast Baita Plai S.A. The employees' salary packages were, until yesterday, already 25% above the average for the entire mining sector in
Due to the expansion of the Company's Baita Plai operations it has become necessary to implement a new and standardised agreement with its mine staff in order for the Company to continue to expand the operation which the Company will further increase worker benefits by 15% for the period 2021-2023.
Vast Baita Plai has written to the relevant authorities to investigate the attempt to disrupt the CBA negotiations and will reserve its legal rights.
The successful negotiation was concluded by way of reasonable and professional participation from all parties involved without any interruption to the processing plant and minimal disruption of underground mining activities. Mining, concentrate production and sales continue.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc Andrew Hall (CCO)
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www.vastplc.com |
Beaumont Cornish - Financial & Nominated Adviser
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www.beaumontcornish.com |
Axis Capital Markets Limited - Broker
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www.axcap247.com |
St Brides Partners Limited
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www.stbridespartners.co.uk |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in
In
The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts
The Company also owns the Manaila Polymetallic Mine in
In
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