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Vast Resources finalizes US$9.5M copper-zinc off-take with Mercuria Energy

Vast Resources Plc finalized a US$9.5 million prepayment and off-take deal with Mercuria Energy Trading SA, after signing a term sheet in late January.

The company said March 21 that it drew down the first tranche of the prepayment for US$4 million and used US$1.7 million to repay a bridge loan from Sub-Sahara Goldia Investments.

Vast Resources also signed an off-take agreement to supply Mercuria Energy with up to 100% of the copper and zinc concentrate produced at its polymetallic Manaila and Baita Plai properties in Romania through April 2022.

The company, which took full ownership of the Manaila mine in early 2017, is working on securing approvals to begin development at Baita Plai.