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(VAST) Vast Share Chat

Discussion in 'General Share Chat (VAST)' started by GSmiley, Jun 24, 2015.

  1. Groucho

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    11 November 2019
    Vast Resources plc
    (“Vast” or the “Company”)

    Appointment of Director

    The Directors of Vast, the AIM-listed mining company, are pleased to announce the appointment to the Board of Mr Paul Fletcher as Finance Director of the Company with immediate effect.

    Paul Fletcher has been Chief Financial Officer of the Company since his appointment on 11 February 2019. Paul has 25 years’ experience working in the commodity and financial services industries. He has held a variety of senior international finance and operational roles in trading, processing, and financial businesses in the US, Europe, and Asia, most recently with Bunge, the US agribusiness and food company, as Global CFO & Controller of Bunge Financial Services, a Bunge group business unit providing financing and risk management solutions, and as Treasury and Trading Product Line Controller. Prior to joining Bunge, Paul held various senior roles within Cargill Inc’s energy business and internal audit, and was also an audit and tax manager at PepsiCo Snacks and audit assistant manager at KPMG in Barcelona.

    Roy Tucker, former Finance Director, will continue as Business Director of the Company.

    Commenting on the appointment, Andrew Prelea, Chief Executive Officer of the Company said, “I have great pleasure in welcoming Paul to the Board. Paul has demonstrated expertise and commitment to Vast ever since his appointment as Chief Financial Officer and has already made a significant contribution to the Company. I believe that his appointment to the Board will strengthen the Company in this next important phase of the Company’s history.”
     
  5. Groucho

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    28th November 2019


    Botswana Diamonds PLC

    ("Botswana Diamonds" or the "Company")


    Zimbabwe Update


    Botswana Diamonds ("BOD"), the AIM and BSE listed diamond explorer, is pleased to provide an update on its proposed diamond exploration and development activities in Zimbabwe. BOD and VAST Resources plc ("Vast") have today agreed the terms of a new agreement in respect of their proposed joint venture in the Chiadzwa / Marange area of Zimbabwe ("New Agreement").


    Background

    As previously announced in October 2018, Botswana Diamonds concluded an agreement with Vast for the development of Vast's Heritage concessions in the Marange Diamond Fields (the "Heritage Concession Agreement"), and that a separate agreement would cover the joint development of diamond properties outside of the Marange Diamond Fields.


    Vast subsequently entered into a joint venture agreement with Chiadzwa Mineral Resources (pvt) Ltd, a Zimbabwe company owned by the Chiadzwa Community Development Trust, (the "Chiadzwa Community JV"), in relation to an area of diamond prospectivity known as the Chiadzwa Community Diamond Concession within the Marange Diamond Fields, and established a new company, Katanga Mining (pvt) Ltd ("Katanga"), for the purpose of the operating the Chiadzwa Community JV. Katanga intends to conclude a joint venture agreement with Zimbabwe Consolidated Diamond Company ("ZCDC") for the purposes of exploring and mining at the Chiadzwa Community Diamond Concession and marketing the diamonds derived from the operation.


    Due to these changes in the area likely to be licenced by Vast Resources, BOD and Vast have today entered into the New Agreement which replaces the Heritage Concession Agreement.


    New Agreement

    The principal terms of the new agreement are as follows:


    · A new company ("Newco") has been formed to hold the interests of Vast in the Chiadzwa Community JV and Katanga.


    · When the detailed agreement between Katanga and ZCDC becomes effective, Botswana Diamonds will be issued with new shares representing 2.5% of Newco.


    · In consideration for the issue of the Newco shares, BOD has agreed to provide for 5 years its management know-how at no charge (with a minimum of 40 hours per month) to Vast and Newco for exploration, mining, processing and marketing in relation to the Chiadzwa Community Diamond Concession.


    · Vast will provide all capital requirements for the project commencement on a loan account to Newco, up to a maximum of US$10m.


    If BOD wishes to sell or dispose of its interest in Newco, the New Agreement grants Vast the right (but not the obligation) to acquire BOD's interest in Newco at fair value.


    John Teeling, chairman, commented, "Zimbabwe is opening up to investment. The country is rich in resources and has significant diamond potential. Vast Resources is at an advanced stage in finalising an agreement with the Central Authorities on a package of ground in the Chiadzwa / Marange area. This is a revised package from that on which Botswana Diamonds and Vast Resources had previously agreed to cooperate. In the light of this development, our previous agreement with Vast has been revised on new terms acceptable to the board. We look forward to the diamond agreement being concluded and to work starting on what is highly prospective ground. Botswana Diamonds is also studying additional opportunities in Zimbabwe."
     
  6. Groucho

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    28 November 2019

    Vast Resources plc
    (“Vast” or the “Company”)

    Revised Agreement with Botswana Diamonds plc re Chiadzwa Community Diamond Concession in the Marange Diamond Fields

    Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, is pleased to announce that it has revised its agreement with Botswana Diamonds plc (“BOD”) as a consulting partner in the development of the Chiadzwa Community Diamond Concession in the Marange Diamond Fields of Zimbabwe (“the Agreement”). BOD is a specialist diamond explorer and miner and has developed considerable knowhow on all matters concerned with the exploration and mining of diamonds, the benefit of which will accrue to all shareholders in the Chiadzwa Community Diamond Concession as a consequence of the Agreement.

    A summary of the principal terms of the Agreement are:

    • A Special Purpose Vehicle (“SPV”) has been created by Vast to hold the interests of the Company in Katanga Mining (pvt) Ltd, the joint venture company for the Chiadzwa Community JV.
    • At the time of finalisation by the Company of a detailed agreement between Katanga and ZCDC with no conditions precedent outstanding or earlier if so determined by the Company (‘Finalisation’), BOD will receive 2.5% of the SPV shares so that the shareholdings in the SPV will be BOD 2.5% and Vast 97.5% and the further terms of the Agreement will come into effect.
    • BOD will provide to Vast free of charge immediately and for a period of 5 years from Finalisation the benefit of its knowhow (for a minimum of 40 hours per month) as shall be appropriate on all aspects of exploration, mining, processing and marketing in relation to the Chiadzwa Community Diamond Concession.
    • Vast will provide all capital requirements for the project commencement on a loan account to SPV up to US$10million.
    • If BOD wishes to sell or dispose of its interest in Newco, the New Agreement grants Vast the right (but not the obligation) to acquire BOD’s interest in Newco at fair value.
    Andrew Prelea, CEO, commented:

    “As a result of the recent agreement with the Chiadzwa Community and pre-agreed joint venture terms on the Chiadzwa Community Diamond Concession in the Marange Diamond Fields, the Company was required to review its current agreement with Botswana Diamonds plc (‘BOD’) and decided that we wished to continue our relationship with BOD as a consulting party that can add significant value to the project.”
     
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    Vast Resources plc
    (“Vast” or the “Company”)

    Revised Agreement with Botswana Diamonds plc announced on 28 November 2019 Clarification

    Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, would like to clarify the announcement made on 28 November 2019 regarding its agreement with Botswana Diamonds PLC (‘BOD’) (the ‘New Agreement’) in connection with the Chiadzwa Community Diamond Concession.

    • Discussions and agreements have been in process with BOD since May 2018 and therefore pre-date any discussions and agreements with the Chiadzwa Community. BOD has vast experience and expertise in the exploration and development of diamond resources internationally, and the New Agreement was concluded for the sole purpose of securing BOD as a technical partner in the diamond operation.
    • The 28 November Announcement informs the public of the shareholding structure as between Vast and BOD in the UK holding company, Vast Resources Enterprises Ltd, that will invest into Katanga Mining (Pvt) Ltd (‘Katanga’) which company will then join with ZCDC to own the Joint Venture operating company, Chiadzwa Community Company (Pvt) Ltd (CCC) duly registered for this purpose that will carry out exploration, resource development and mining in the Chiadzwa Community Diamond Concession. The New Agreement has no impact whatsoever on the shareholding either of the Chiadzwa Community through its Trust, the Chiadzwa Community Development Trust which was established in 2014 under the laws of Zimbabwe or of ZCDC in the mining operation.
    • All distributions to the Chiadzwa Community Development Trust in accordance with the draft agreement between Katanga and ZCDC are to be approved and monitored by the Board of Directors of CCC as the Joint Venture operating company between Katanga and ZCDC. All such distributions will be in accordance with an agreed Community development plan that will constitute an open and transparent Corporate and Social Responsibility Program.
    • All negotiations and agreements have been conducted in utmost good faith and in a completely transparent manner for the long term benefit of all stake holders.
     
  9. Groucho

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    13 12 2019

    Vast Resources plc
    (“Vast” or the “Company”)

    SP Angel Initiation Note

    Vast Resources plc, the AIM-listed mining company, is pleased to announce that the Company’s broker, SP Angel, has published a detailed initiation note which can be found on the Company’s website at the following link:

    Vast Resources PLC Initiation Note

    Please Note:

    Access to SP Angel’s research via this website is subject to the following terms and conditions. SP Angel (‘SPA’) does not deal with individual or private investors (save in connection with corporate finance business). SPA’s research is thus not prepared for private investors and does not take into account any particular investor’s or class of investors’ investment objectives. You are therefore not being granted access to SPA research in your capacity as an investor or SPA client or potential investor or client. You understand that SPA is not offering you any financial service. Members of SPA’s Research department are not permitted to interact with private investors and you should not attempt to contact them.

    D63DAEAC-B5DB-47F6-A54E-936BA07E5E30.jpeg
    https://www.globenewswire.com/Track...Smy7PEB7GHJt4EyiLbaEux46yp2DxevnrlfWpRNho3E3n

     
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    16 12 2019

    Vast Resources plc
    (“Vast” or the “Company”)

    Cold Commissioning of Baita Plai Polymetallic Mine

    Vast Resources plc, the AIM-listed mining company, is pleased to announce the cold commissioning of Baita Plai Polymetallic Mine.

    Over the past year (since the association licence was granted) the mine’s infrastructure required for the cold commissioning including the electricity line, tailings pipe, mills, crushers, floatation line and equipment has been either upgraded, refurbished or has been replaced.

    Initial trial production is expected to be carried out shortly. The current cold commissioned capacity is up to 7,000 tpm and will be progressively ramped up after the arrival of the new equipment from China in January to 14,000 tpm in accordance with the project plan.

    Photos and videos of the equipment are available on the Company’s Twitter Page and will shortly be available on the Company’s website. Both links are provided below:

    Vast Resources PLC Twitter

    Vast Resources PLC Website
     
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    Vast resources team discuss cold commissioning of Baita Plai / production ramp-up etc, SP Angel broker note projected cash flows and Zimbabwe diamonds....
     
    Last edited: Dec 16, 2019
  13. Groucho

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    18 12 2019

    Vast Resources plc
    (“Vast” or the “Company”)

    Funding Update

    Vast Resources plc, the AIM-listed mining company, is pleased to announce that, further to the Company’s announcement of 24 October 2019 regarding the Company signing binding documentation with Atlas Capital Markets Limited, the Company continues to progress towards drawdown of Tranche 1 with both parties working together with the intent to effect drawdown before 31 December 2019.

    Further announcements on progress will be made, as appropriate, in due course.
     
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    23 December 2019

    Vast Resources plc
    (“Vast” or the “Company”)

    Drilling commences at Baita Plai Polymetallic Mine

    Vast Resources plc, the AIM-listed mining company, is pleased to announce that the Company has, last week, commenced the drilling programme at its Baita Plai Polymetallic Mine “Baita Plai” in Romania. The results of the drilling programme will be used to further define the grades and resource and will support the process of confirming a JORC resource at Baita Plai.

    Photos and a video of the drilling commencing are available on the Company’s Twitter Page and will shortly be available on the Company’s website. Both links are provided below:

    Vast Resources PLC Twitter

    Vast Resources PLC Website

    The Company also announces that further to the announcement of 8 April 2019 regarding the Company extending the exercise period of the warrants granted through the 2016 open offer and related placings from 30 June 2019 to 31 December 2019, the Company has further extended the exercise period of these warrants to 30 June 2020.
     
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    02 01 2020

    Vast Resources plc
    (“Vast” or the “Company”)

    Funding Update

    Vast Resources plc, the AIM-listed mining company, is pleased to announce that, further to the Company’s announcement of 18 December 2019 regarding the funding update, the Company has submitted a drawdown request for the First Tranche Issuance to Atlas Capital Markets Limited in accordance with the terms and conditions of the Bond Issuance Deed.
     
  20. Groucho

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    17 01 2020

    Vast Resources plc
    (“Vast” or the “Company”)

    Interim Results: 1 May 2019 - 31 October 2019

    Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has released its unaudited interim report and financial results for period of 1 May 2019 to 31 October 2019.

    The report can be found on the Company’s website at the following address:

    www.vastplc.com

    Overview of the Interim Results for the six months to 31 October 2019

    The Company has arranged financing which it has prioritised for the Baita Plai Polymetallic Mine (“BPPM”) in Romania and the Chiadzwa Community Concession in Zimbabwe. The Company is in the process of drawing down on the first tranche of the Atlas Capital Markets facility ($7.1 million gross) and expects to receive funds shortly. The first tranche will be applied to placing BPPM into production and to the repayment of financial creditors. The Manaila Polymetallic Mine (“MPM”) continues on care and maintenance with the expectation of a second funding round at a later stage. Prior to the receipt of the first tranche of funding, the Company has diverted resources from MPM to upgrade, develop, and maintain BPPM in order to accelerate the project to production and in December 2019 conducted a cold commissioning as well as a drilling campaign. Finally, discussions continue regarding the conclusion of the Company’s diamond joint venture with its Zimbabwe stakeholders. These discussions are in line with previous expectations, save on timing.

    Financial
    • Interim period follows change of accounting reference date from 31 March to 30 April as announced on 8 April 2019. Six month comparatives for 31 October 2018 have been included.
    • 19% decrease in administrative and overhead expenses for the six month period ended 31 October 2019 ($2.0 million) compared to the six month period ended 31 October 2018 ($2.4 million).
    • Foreign exchange losses of $0.8 million for the period compared to $1.4 million for the six month period ended 31 October 2018. Included within the $0.8 million of foreign exchange losses is $0.6 million in respect of the Company’s operations in Zimbabwe.
    • 36% decrease in losses after taxation from continuing operations in the period ($3.5 million) compared to the six month period ended 31 October 2018 ($5.5 million).
    • $15 million (net $13.5 million before costs) binding conditional bond facility signed.
    • Cash balances at the end of the period $1.216 million compared to $0.775 million as at 31 October 2018.
    Operational Development
    • Concluded a joint venture with Chiadzwa Mining Resources (Pvt) Ltd, a company designated to represent Chiadzwa Community interests in the Chiadzwa Community Diamond Concession (the “Concession”).
    • Continued discussions to finalise the joint venture agreement with Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”) which will enable the Concession to procure a special grant for the mining of diamonds. Discussions are in line with expectations, save on timing.
    • Transitioned resources from MPM to BPPM in order to continue the upgrade and development of BPPM.
    Post period end:

    • Revised an existing agreement with Botswana Diamonds PLC (“BOD”) resulting in BOD acquiring a 2.5% interest in the cashflows generated from Vast’s share in the Concession. In consideration for this interest BOD will provide know-how for all aspects of exploration, mining, processing and marketing in relation to the Concession.
    • Cold commissioning of BPPM and commencement of drilling programme to establish a JORC.
    Funding
    9A05503B-A0D5-4CBD-A35C-DFC06DA2EDA2.jpeg

    Debt Funding
    • Documentation was signed for a US$15 million binding conditional bond issue deed for a facility up to US$ 15 millionthrough an issuance of secured convertible bonds to a UK based fund, Atlas Capital Markets Ltd (“Atlas”).
    Post period end
    • Issued a drawdown notice for the funding of the first tranche of the Atlas facility. The Company expects to receive funds shortly.
    Board and Management

    Post period end
    • Appointment of Paul Fletcher as Finance Director on 11 November 2019; Roy Tucker continues as Business Director.


    CHAIRMAN’S STATEMENT

    We had two key objectives for this reporting period. The first was to secure financing for our Romanian and Zimbabweoperations, and the second was to finalise the joint venture agreements in order to start mining activities at the Chiadzwa Community Diamond Concession (the “Concession”).

    The team made good progress in securing a US$15 million facility from Atlas (net US$13.5 million before costs), and post period end we were very pleased that we were in a position to drawn down on the first US$ 7.1 million tranche of the facility. We anticipate that we will receive these funds shortly. They will be applied to fund the capital expenditure programme that will put BPPM into production, as well as repay creditors. This clearly marks a significant turning point for the Company and we look forward to reporting on progress in the months to come.

    While good progress was also made in concluding a joint venture agreement with the Chiadzwa Community, to date we have been unable to finalize the joint venture agreement with ZCDC, which, amongst other matters, will enable the Company and our other Zimbabwean stakeholders to procure a special grant for the exploration, development, and mining of the Concession. As Andrew highlights in his report, we were concerned in the unexpected delay in signing the ZCDC joint venture agreement but we are pleased that discussions with the various Zimbabwe stakeholders are in line with previous expectations, other than on timing, and we remain confident that we will commence our mining operations in the near future. The Company is well placed to move quickly to monetise this opportunity with US$ 7.9 million binding and conditional funding available in the form of tranches 2 to 4 of the Atlas facility.

    As I mentioned in my report at the year end, the Company has been through a testing period marked equally by great opportunities and challenges. The Company and the management team has met these challenges head-on and the effort and commitment has paid dividends in recent months. The Company is now on a firm footing to realising the underlying value of its key Romanian asset, BPPM, and is well positioned to successfully execute on its Zimbabwe diamond opportunity upon finalisation of the ZCDC joint venture agreement.

    Brian Moritz

    Chairman



    CHIEF EXECUTIVE OFFICER’S REPORT

    This has been a busy and critical period in the Company’s development. We were able to register some notable accomplishments in the half year and after the period end that provide the necessary operational and financial platform to allow the Company to begin to unlock the underlying value of its key assets, the Baita Plai Polymetallic Mine (“BPPM”) and the Chiadzwa Community Diamond Concession (the “Concession”).

    On 26th September we concluded a joint venture with Chiadzwa Mining Resources (Pvt) Ltd, a company designated to represent Chiadzwa Community interests in the Concession. This resulted in the formation of Katanga Mining (Pvt) Ltd (“Katanga”), a majority owned Vast company that will invest in Chiadzwa Community Company (Pvt) Ltd (“CCC”), a company with specific objectives to carry out exploration, resource development and mining in the Chiadzwa Community Diamond Concession. A further joint venture agreement between Katanga and the Zimbabwe Consolidated Diamond Company (Pvt) Ltd (“ZCDC”), a government entity which represents the Republic of Zimbabwe in the diamond sector is due to be signed, and which will result in the procurement of a special grant from the Zimbabwe authorities allowing the exploration and mining of diamonds within the Concession and will establish the final interests of Vast, the Community, and ZCDC in CCC. While we appreciate and share shareholders’ concern in the unexpected delay in signing this second agreement with ZCDC, discussions with the various Zimbabwe stakeholders are in line with previous expectations , save on timing, and we are confident that we will commence our mining operations in the near future. Full details of the Chiadzwa joint venture will be announced at the same time as the conclusion and announcement of the ZCDC joint venture to which it is linked.

    On 24th October documentation was signed with Atlas Capital Markets Ltd (“Atlas”) for a US$15 million binding conditional convertible bond facility. The authorities necessary for the bond issue were approved by shareholders on 8th November. The facility is divided into four tranches, the first tranche of US$7.1 million being applied to bringing BPPM into production and the repayment of two existing creditors, Sub-Sahara Goldia Investments (US$ 1 million in full and final settlement) and Mercuria (US$ 1 million in partial settlement). Mercuria will continue to support the Company’s Romanian operations under a tripartite intercreditor agreement with Atlas and the Company. We are in the process of drawing down the US7.1 million tranche from Atlas which we anticipate receiving shortly and which will be applied immediately to BPPM, enabling the commencement of production in H1 2020. This represents a very significant and critical step for the Company, as was also the announcement at the end of last year of the cold commissioning of BPPM and the commencement of a drilling programme. The results of the drilling programme will be used to further define the grades and resource and will support the process of confirming a JORC resource.

    On 28th November the Company revised an existing agreement with Botswana Diamonds PLC (“BOD”). Upon finalising the Katanga / ZCDC agreement, BOD will receive an interest of 2.5% in Vast Resources Enterprises Ltd (“VRE”) with Vast retaining an interest of 97.5%. In consideration for this interest BOD will provide know-how on all aspects of exploration, mining, processing and marketing in relation to the Concession.

    We enter 2020 in a far stronger position than at any time in the Company’s history. We are resourced to place BPPM into production in the near future and we are well placed to execute our Zimbabwe diamond strategy as soon as the agreement with ZCDC is concluded, a process that we believe will be concluded shortly.

    Andrew Prelea

    Chief Executive Officer

    Interim Results: 1 May 2019 - 31 October 2019 @vast_resources https://www.voxmarkets.co.uk/rns/announcement/c2254cbb-4ef6-4a59-bb0e-b2cae31417c3
     

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