Vast Resources PLC's shares surged about 10% on Oct. 10 after Romania's National Agency for Mineral Resources approved the association license of subsidiary African Consolidated Resources Srl for the right to mine at the Baita Plai polymetallic project.
The agency's approval was the last step needed for the company to work toward restarting the mine. Romania's economy ministry granted the license in June.
It was the first time in 19 years that Romania granted an association license for a polymetallic mine, Vast Resources CEO Andrew Prelea said.
Baita SA, which has a pre-agreed commercial contract with African Consolidated, holds the head license.
Under the terms, Vast agreed to lease various mining equipment from Baita and access the previously mined upper galleries for two initial upfront payments totaling €80,000. Vast also agreed to install a second independent electricity supply line that costs approximately US$200,000.