Climate Change Data

Vast Resources plc

Climate Impact & Sustainability Data (2019, 2021, 2024)

Reporting Period: 2019

Environmental Metrics

Governance Achievements

  • Adopted the Quoted Company Alliance (QCA) code on Corporate Governance.
  • Adopted a strict anti-corruption and whistle-blowing policy.

Climate Goals & Targets

Long-term Goals:
  • Become a mid-tier mining group, one of the largest polymetallic producers in Romania, and a major player in Zimbabwe's mining industry.
Short-term Goals:
  • Achieve profitable production at BPPM within the current financial year.

Environmental Challenges

  • Delay in obtaining financing for capital expenditure programs at Baita Plai Polymetallic Mine (BPPM) and Manaila Polymetallic Mine (MPM).
  • Withdrawal of Tranche B of the Mercuria prepayment facility.
  • Remittance restrictions for Zimbabwean gold operations.
Mitigation Strategies
  • Divested its Zimbabwean gold operations to focus on BPPM and diamond concession.
  • Reduced debt and strengthened management team.
  • Actively seeking new funding for BPPM and diamond concession.
  • Placed MPM on care and maintenance pending further funding.
  • The remittance restrictions for the Zimbabwean gold operations will not apply to the Group’s diamond investments.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code

Reporting Period: 2021

Environmental Metrics

ESG Focus Areas

  • Safety
  • Environment
  • Human Rights
  • Community Relations
  • Governance

Environmental Achievements

  • Adopted and obtained ISO 140001:2015 for Environment
  • Adheres to all Covid-19 rules, regulations, and guidelines in preventing transmission of the infection through the workforce

Social Achievements

  • Gives full consideration to applications for employment from disabled persons
  • Provides continuing employment wherever practicable to disabled employees
  • Provides appropriate training to disabled employees

Governance Achievements

  • Adopted the Quoted Company Alliance (‘QCA’) code on Corporate Governance
  • Maintains a strict anti-corruption and whistle blowing policy
  • Formally adopted Code of Conduct, Health and Safety, Environmental, and Human Rights policies

Climate Goals & Targets

Long-term Goals:
  • Grow into a mid-tier mining company
Medium-term Goals:
  • Become a mid-tier mining group
  • One of the largest polymetallic producers in Romania
  • Major player in Zimbabwe's mining industry
  • Expand diamond footprint
Short-term Goals:
  • Refinance Atlas Tranche 1 bond due 29 January 2022
  • Provide general working capital
  • Obtain funds from debt providers, investors and royalty finance

Environmental Challenges

  • Covid-19 restrictions impacted business, reducing productivity and preventing key managers from being on-site
  • Lack of equipment reliability and supply chain and labour issues at BPPM
  • Encountered friable ground at BPPM requiring extra tunnelling
  • Discussions regarding the conclusion of the Company’s diamond agreement with Zimbabwe stakeholders experienced delays
  • Unable to conclude a new financing facility with an international banking institution
Mitigation Strategies
  • Implemented a revised mining plan for BPPM incorporating a more mechanised mining method
  • Strengthened Romanian management team
  • Improved processes, procedures, and training at BPPM
  • Actively engaged with new lenders to refinance Atlas and support the restart of MPM
  • Monitors political and regulatory developments in each country of operation
  • Actively engages in dialogue with relevant government representatives

Supply Chain Management

Responsible Procurement
  • Ongoing dialogue with suppliers

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code

Certifications: ISO 9001:2015, ISO 45001:2018, ISO 140001:2015

Reporting Period: 2024

Environmental Metrics

ESG Focus Areas

  • Safety
  • Environmental
  • Community Relations
  • Human Rights

Environmental Achievements

  • Entered into agreements with an ecological project to process and market mineral products at the former Hanes Gold Mine in Romania.
  • Obtained a five-year extension of the Head Licence for the Baita Plai Polymetallic Mine (BPPM).

Social Achievements

  • Implemented a voluntary reorganisation at BPPM to address labor disputes and improve working practices.
  • Reduced staffing levels at BPPM by more than 50%.

Governance Achievements

  • Adopted the Quoted Company Alliance (QCA) code on Corporate Governance.
  • Maintains a strict anti-corruption and whistle-blowing policy.

Climate Goals & Targets

Long-term Goals:
  • Become a mid-tier mining group.
Medium-term Goals:
  • Increase capacity at BPPM.
  • Realize value from Hanes Gold Mine cleanup operations.
Short-term Goals:
  • Repay debts to Alpha and Mercuria.
  • Restart MPM.

Environmental Challenges

  • Slower concentrate sales in Romania due to logistical and product grade consistency issues.
  • Fatal mine transportation incident at BPPM.
  • Operational pressures caused by unions and employee demands at BPPM.
  • Debt repayment challenges with Alpha and Mercuria.
  • Delays in refinancing.
Mitigation Strategies
  • Implemented voluntary reorganisation at BPPM to improve efficiency and address labor disputes.
  • Discussions with multiple investors and funders to secure financing.
  • Discussions with Alpha and Mercuria to settle outstanding debts.
  • Initiated alternative measures for settling outstanding debts.
  • Seeking project-level investment in MPM and BPPM.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code

Certifications: ISO 9001:2015, ISO 45001:2018, ISO 140001:2015