Vast Resources Plc is in discussions with metal traders and debt providers to finance a new metallurgical complex planned for its Manaila zinc-lead-copper mine in Romania.
The company said Oct. 6 that the funds will also go toward developing the Carlibaba deposit at Manaila, which will enable the company to extend the life of the operation.
Earlier this week, Vast Resources said results from initial drilling at the Carlibaba prospect supported developing a second open pit at the Manaila property. Drilling at Carlibaba returned copper, lead, zinc, gold and silver grades.
This enabled the company to obtain medium-term financing possibilities to facilitate constructing and commissioning the new metallurgical complex, which is expected to cut production costs by up to 25% by eliminating the transport of ore and waste.