Vast Resources (VAST) is on track to commence initial public and private tenders for its diamond parcels this month. The tenders are expected to continue through October.
Over recent months Vast has been working with specialist consultants to develop new cleaning and sorting processes specific to its eluvial stones, which are unique in character and require several layers of cleaning and preparation to maximise their value at tender.
Vast plans to be directly and indirectly involved in the entire value-chain, where possible, in order to maximise returns for shareholders.
Accordingly, Vast’s diamonds have been put through a bespoke five-stage cleaning process, which has greatly improved the value of the parcels.
Meanwhile, in Romania, Vast continues to undertake a comprehensive review of the geology of the overall project and the mining strategy at Baita Plai. This has necessitated a temporary suspension of mining operations.
The technical review is being expanded to cover both Baita Plai and also Manaila, in parallel with the company’s now advanced discussions with potential joint venture partners and off-take financiers.
Work to date is yielding positive results Vast is “encouraged as to the future production potential of both mining complexes”.
The company expects to provide further updates on this process in the fourth quarter.
View from Vox
Good to see progress on the diamonds which, although they’ve presented their own idiosyncratic challenges, ought to end up yielding considerable value. Vast has made considerable progress in recent months, and it will be interesting to see the results of the review of the Romanian assets.