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Vast Resources to off-load stake in Pickstone Peerless, Giant gold mines

Vast Resources PLC signed a conditional agreement for the partial disposal of a noncontrolling interest in its 50%-owned Pickstone Peerless and Giant gold mines in Zimbabwe.

The company will sell a 49.99% stake in the mines for US$4 million in cash to SSA Group, it said Jan. 30.

SSA Group will also provide Vast Resources with a US$4 million loan, repayable over four years at an annual interest of 12% and secured on the company's mineral assets. The loan is subject to drawdown in two tranches.

Vast Resources intends to use the proceeds to advance its Manaila polymetallic mine and develop additional mining opportunities in Romania. It also plans to negotiate early repayment of a loan from Grayfox Investments.

The disposal is subject to certain conditions including successful due diligence and regulatory approval.