Vast Resources signs MoU with Tajikistan, Gulf International

(Sharecast News) - Vast Resources announced the signing of a memorandum of understanding with the government of Tajikistan and Gulf International Minerals on Thursday, setting the stage for expanded collaboration in the country's non-ferrous mining sector. The AIM-traded mining company said the agreement aimed to attract foreign investment and open export opportunities to Gulf Cooperation Council (GCC) and US markets, focusing on unlocking Tajikistan's resource potential.

Vast has managed the Aprelevka Gold Mines since January, where Gulf holds a 49% interest.

The MoU formalised the existing working relationship, and would provide a framework to develop the region's mining industry further, the firm explained.

It said the Aprelevka venture currently operates under four mining licenses, with the parties working to finalise up to nine additional exploration sites adjacent to the existing mining areas, which could establish Aprelevka as one of Tajikistan's largest gold and polymetallic mining groups.

A road map for implementing the projects would be developed within 90 days of the MoU's signing, with further updates to be provided as the initiative progressed.

"We are delighted to be working so closely with both Gulf and the government of the Republic of Tajikistan on this ambitious and important project as we collectively look to enhance Tajikistan's standing on the global resource stage," said chief executive officer Andrew Prelea.

"Tajikistan benefits from world class resources across multiple commodities and through our work at Aprelevka and our additional interests in-country, we are beginning to give these Projects the international attention that they deserve.

"We look forward to providing further updates as our plans come to fruition over the coming weeks and months."

At 1222 GMT, shares in Vast Resources were up 3.7% at 0.07p.

Reporting by Josh White for Sharecast.com.