By Alois Vinga
AIM listed mining giant, Vast Resources Plc has agreed to a debt extension with Mercuria Energy Trading SA to December 30, 2024 in a development which will allow the company to finalise the settlement of historic claims in Zimbabwe.
Vast Resources Plc is a multi-commodity mining and resource development company.
It has exploration and development projects in Southern Africa (primarily in Zimbabwe) and Eastern Europe (Romania). The company’s commodity portfolio includes gold, copper, diamond, silver, zinc and lead.
As part of the extension agreement ,the company has agreed with Mercuria to extend their long-term equity option in the company, first announced on 16 May 2022, to 30 December 2024.
As previously stated the repayment is contemplated as being from the recovery of the historic settlement.
“Last year, Vast Resources undertook a debt reduction of USD1.0 million to Mercuria, and secured a US$4 million asset backed debt facility from A&T Investments Sarl, arranged by Swiss investment banking boutique Alpha Credit SA. Total debt owed to Mercuria is GBP7,7 million,” said the company in an update.
Soon after the announcement, the miner’s share price increased 5,8% Wednesday.
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