LONDON — AIM-listed Vast Resources plc(LSE:VAST) has announced a major operational update as it undertakes a strategic overhaul of its mining portfolio. The company has launched a new group technical services unit, bringing together experienced mining engineers, geologists, and operations experts to conduct a comprehensive review of its existing assets across Romania, Tajikistan, and Zimbabwe.
Diamond Sales Set to Begin
The move comes amid promising developments in Vast’s diamond operations. The company reports encouraging initial indications of diamond quality following preliminary cleaning of a representative parcel of stones. These stones form part of a historic consignment recently returned to the company under a settlement deed.
Vast now expects to begin selling diamonds via public or private tenders in Dubai within the next few weeks, as part of a phased sales strategy aimed at maximizing revenues through primary beneficiation.
Focus on Romanian Assets
At the center of the operational revamp is Romania, where Vast plans a deep technical reassessment of its assets, particularly the Baita Plai polymetallic mine. A comprehensive review is scheduled for Q3 2025, with a focus on optimizing the current mining strategy. The plan is expected to include a new drilling program and an updated mine plan to expand and increase the confidence level of the existing JORC-compliant Resource and Reserve base.
As part of this effort, Vast will temporarily suspend operations at Baita Plai for up to three months. CEO Andrew Prelea emphasized the strategic nature of the pause, stating that the recent diamond developments have strengthened the company’s financial position, enabling a more methodical approach to asset optimization.
“This process is central to our vision of transforming Vast into a mid-tier production company,” said Prelea. “Baita Plai and Manaila-Carlibaba represent cornerstone assets for us in Romania. Our technical review will provide the roadmap for unlocking their full potential.”
The company is also revisiting plans to restart operations at the Manaila-Carlibaba copper mine, currently on care and maintenance, with a view to resuming production in the second half of 2025.
Global Portfolio and Future Prospects
Beyond Romania, Vast remains active in Zimbabwe, where it continues to evaluate new investment opportunities. In Tajikistan, the company holds a 12.25% royalty interest in all concentrate sales from the Takob Mine and is contracted to manage the Aprelevka gold mines. Vast is entitled to 10% of the earnings Gulf International Minerals receives from its 49% stake in Aprelevka, which currently produces around 11,600 ounces of gold and 116,000 ounces of silver annually.
Efforts are underway to increase Aprelevka’s output to match historical highs of 27,000 ounces of gold and 250,000 ounces of silver per year.
Outlook
With technical evaluations underway and diamond sales imminent, Vast is positioning itself for a pivotal phase of development. The outcomes of its asset review and upcoming diamond tenders will likely set the tone for the company’s medium-term strategy and financial performance.
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