Vast Resources PLC shares dropped on Friday, after it updated shareholders on strike action by mine workers at its Baita Plai polymetallic mine in Romania.
Vast Resources is a London-based mining company with projects in Romania and Zimbabwe. Its shares closed down 9.5% to 0.19 pence each in London on Friday.
Vast Resources noted that some Romanian press outlets have reported strike action by mine workers at its Baita Plai mine.
‘The strike action, which was undertaken illegally, was reported from the mine and coordinated by a small number of individuals,’ Vast Resources said.
‘The majority of the workforce remain supportive of the company and continue to perform their duties on site without impediment; as such the impact on operations at Baita Plai is expected to be minimal.’
It explained that the situation has arisen due to a delayed payment of a concentrate shipment made on September 10 which resulted in the scheduled salary payment, which had been agreed for September 20, not being made.
Vast Resources added that it has received confirmation that payment has been made for this shipment, and it will make the outstanding payment due upon receiving cleared funds.
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