New Zimbabwe.com

Vast Resources shares go down 10%

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By Alois Vinga


AIM-listed mining giant, Vast Resources stocks tumbled 10% on the announcement of concluding documentation for debt repayment extension to month end.

The mining and resource development company has interests in Romania, Tajikistan and Zimbabwe.

“Shares in the company were down 10% to 0.12 pence each in London on Monday morning. Over the last 12 months, the stock is down 33%.

“The company updated shareholders on its asset back debt facility from A&T Investments SARL announced in May 2022, as well as debt owed to Mercuria Energy Trading SA relating to tranche A of its prepayment agreement announced in March 2028,” an update from the miner said in part.

In November, Vast Resources said the debt owed to Mercuria and Alpha was due to be repaid on or before November 30.

Then, in December, the company said it was in discussions with the creditors for a repayment extension.

It has now concluded legal documentation for an extension to January 31 with a further period of one month to February 29.

Vast Resources is a mining company operating in Southern Africa and Eastern Europe. It focuses on gold, copper, diamond, silver, zinc, and lead.

The company owns the Manaila Polymetallic Mine in Romania, is developing the Baita Plai Polymetallic Mine, and has a 25% interest in the Pickstone-Peerless Gold Mine in Zimbabwe. Vast Resources aims to advance brownfield projects and restart production at previous mining sites.