Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Vast Resources inks new offtake deal with Trafigura
(Sharecast News) - Vast Resources announced a new exclusive offtake agreement with Trafigura Group on Wednesday, for all copper concentrate produced at the Baita Plai Polymetallic Mine in Romania. The AIM-traded firm said the deal extended its existing relationship with Trafigura, a prominent independent commodity trading and logistics company, established through a previous exclusive offtake agreement for the Takob Mine in Tajikistan signed in October 2022.
It said the new offtake agreement, effective until June 2025, replaced the previous arrangement and included pricing terms aligned with market standards.
Pricing adjustments would be made for the grade of material delivered, with a slight discount to the LME cash settlement quotation averaged over an agreed period for copper, silver, and gold to ensure competitive pricing.
Copper concentrate production at Baita Plai had been increasing, with dry metric tonnes rising by 24% from the fourth quarter of 2022 to the same period in 2023.
At the same time, the company was accelerating the development of the underground decline access ramp at Baita Plai.
That was expected to enhance productivity by reducing underground haulage times and providing quicker access to high-grade ore at depth.
As a result, Vast said it anticipated an overall increase in concentrate grade and a reduction in grade variability, aligning with its offtake objectives with Trafigura.
In addition, Vast said discussions were ongoing regarding the extension of loans to A&T Investments and Mercuria Energy Trading beyond the current repayment date of 29 February.
"Vast has been developing a relationship with Trafigura, one of the world's leading independent commodity trading and logistics companies, since early 2022 and we are delighted to report this new exclusive offtake over our producing asset in Romania," said chief executive officer Andrew Prelea.
"The terms of the offtake ensure that Vast will benefit from the widely forecast price increase over the coming months and into 2025 as global supply struggles to meet demand, with UBS going as far as to say that 'a copper supply crunch is unavoidable'.
"As a company in production, which continues to ramp up with limited additional capex required, Vast is in a solid position to capitalise on these market dynamics through its new offtake with Trafigura."
At 1353 GMT, shares in Vast Resources were down 4.94% at 0.37p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
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.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
