Vast Resources has signed a long-term off-take agreement with Transamine Trading SA, the Geneva-based global trader of non-ferrous metals, for all concentrates produced at Vast's Manaila Polymetallic Mine (MPM) in Romania. The terms and conditions of the Offtake Agreement, which is valid until December 2017 dictate the off-take pricing dependent on the quality of the concentrate and are in line with industry standards with favourable payment terms to reduce Vast's working capital constraints. The first concentrate sale under the terms of the Offtake Agreement (but ahead of the Offtake Agreement being entered into) was on 2 September 2016 for a total of 430 tonnes of copper ("Cu") concentrate grading 18.7% Cu. The steady-state Cu concentrate now being achieved post the plant optimisation is grading 20% Cu. This grade is considered to be the optimum Cu content for the MPM Cu concentrate.
-0.03p (-8.45%)delayed 18:15PM