Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Vast inks PGM marketing deal with Swiss investment firm

(Sharecast News) - Mining company Vast Resources announced a three-year marketing agreement with a Swiss investment firm on Monday, for the exclusive distribution of high-grade platinum group metal (PGM) concentrates produced within the EU. The AIM-traded firm said under the agreement, Vast would receive a 2.5% commission based on the sales value of the distributed concentrates.

It expected the deal to create a significant additional revenue stream for Vast Resources, in addition to its ongoing operations at the Baita Plai Mine in Romania and its expanding interests in Tajikistan.

As part of the agreement, Vast said it had received an offer from the Nikash Group, based in Dubai, to purchase PGM concentrate containing an average of 15% platinum, along with other payable materials.

The offer would see Vast arranging the sale and delivery of about two tonnes of high-grade platinum concentrate per month for up to a year.

Independent assays confirmed the platinum concentrate's quality at 15%, but the final sales contract with the Nikash Group was contingent on the buyer's internal assays and product inspection.

Based on the seller's assays, the estimated sales value was expected to exceed $100m.

The transaction marked the initial sale of products on behalf of the Swiss investment company, and Vast said it was actively exploring the marketing of other high-value products from the same source to expand its trading desk.

It said the activities aligned with its interests in Baita Plai, Zimbabwe, Tajikistan, and complemented its existing operations.

"This marks the beginning of an important additional revenue stream for Vast, building on our operations in Romania and our interests in Tajikistan, as we look to strengthen the financial performance of the company throughout 2024," said chief executive officer Andrew Prelea.

"We anticipate that this agreement will result in further collaborative opportunities that will strengthen the operating capabilities of Vast."

At 1321 GMT, shares in Vast Resources were up 12.49% at 0.14p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Tesla lays off 285 workers in Buffalo as job cuts continue
(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week.
Blackstone first-quarter earnings narrowly beat forecasts
(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
TSMC forecasts jump in second-quarter sales
(Sharecast News) - Taiwan Semiconductor Manufacturing Co said on Thursday it expects sales to jump in the second quarter on strong demand.
Empire Metals completes third phase of drilling at Pitfield
(Sharecast News) - Empire Metals announced the successful conclusion of its third phase of reverse circulation (RC) drilling at the Pitfield Project in Western Australia on Thursday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.