Vast Resources signs strategic MOU to expand mining operations in Tajikistan
() , a UK-based mining company with projects in Romania, Tajikistan, and Zimbabwe, has signed a Memorandum of Understanding (MOU) with the government of Tajiksitan and Gulf International Minerals to establish a framework of action regarding the development of Tajikistan's non-ferrous mining industry.
Gulf International Minerals previously appointed Vast to manage and develop the Aprelevka Gold Mines in Tajikistan, in which Gulf holds a 49% interest and the government of Tajiksitan has the remaining 51%.
The MOU, which was signed by Tajikistan's Minister of Industry & New Technologies, formalised and extended the working arrangements the 3 parties had agreed when Vast took over management and development of the Aprelevka assets in January, 2024.
There are currently 4 operational mining licences within the Aprelevka venture, and the three MOU signatories are in the process of finalising up to 9 previously explored sites, adjacent to the current mining areas. This would make Aprelevka one of the largest gold and polymetallic mining groups in Tajikistan.
The MOU sets out that the parties will develop a roadmap for implementation of the projects within 90 days.
Andrew Prelea, CEO of Vast, commenting: "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. 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."
View from Vox
Vast announces a major step forward in the development of its Tajikistan portfolio, with the signing of an MOU with the country's Ministry of Industry & New Technologies and partner Gulf. The MOU formalises and extends Vast and Gulf's relationship with the government as the parties set out to unlock Tajiksitan's vast resource potential through foreign direct investment and opening of new export markets. shares jumped 17% on the announcement.
For background, Gulf has a 49% interest in a joint venture with the government of Tajikistan (owning 51%) in the Tajik-Canadian company Aprelevka. Aprelevka holds 4 active mining licences along the Tien Shan Belt that extends through Central Asia, currently producing c. 11,600oz of gold and 116,000 oz of silver per year. Vast wants to help increase Aprelevka's production from these 4 mines closer to their historical peak rates of 27,000oz of gold and 250,000oz of silver per year.
Vast was contracted to manage the mining and development activities of Aprelevka for a 5-year period. Vast will then be entitled to a 10% share of the earnings that Gulf receives from its 49% interest in Aprelevka.
Overall, the Aprelevka opportunity provides Vast with direct exposure to the top line growth of Aprelevka's 4 existing assets, as well as exposure to material upside expected from the development of 9 further licensed areas. The opportunity adds significant diversification to Vast's portfolio and its flagship Baita Plai polymetallic mine in Romania.
The announced MOU makes Vast a major participant in Tajikistan's rapidly growing non-ferrous mining industry, with Aprelevka set to become one of the largest gold and polymetallic mining groups in the country.
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