- The Vast Resources share price soared 23.1% on the Baita Plai update.
- The miner announced that it would start producing Molybdenum this month.
- Investors cheered the announcement, as evidenced by the rally.
The Vast Resources PLC (LON: VAST) share price surged 23.1% after announcing that it will start producing Molybdenum at its Baita Plai mine in Romania later this month. Investors cheered the announcement, which unlocked a new revenue stream for Vast Resources starting later this month.
Also read: How To Invest In Metal Stocks.
Last week, the company announced plans to start production at its Takob mine in Tajikistan, a joint venture with the Open Joint Stock Company Korkhanai Boygardonii Takob. The mine’s opening ceremony is scheduled for 15 August 2022.
Vast Resources Takob Operations
Given that the mine is a joint venture, Vast Resources will receive a royalty of 12.25% of the non-ferrous concentrate sales and other metals. Investors cheered the announcement, which was followed by today’s news.
Vast Resources will start producing Molybdenum later this month and report its quarterly production figures within its operations updates. In addition, the company promised to post images of its Molybdenum operations on its social media handles.
The Vast share price.
The Vast Resources’ share price surged 23.05% to trade at 0.790p, rising from Friday’s closing price of 0.642p.