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Vast Resources concludes collective bargaining agreement with subsidiary employees


Vast Resources PLC (LON:VAST) said it has concluded negotiations on a new collective bargaining agreement (CBA), a written legal contract between the company and the employees of its Vast Baita Plai S.A subsidiary, which operates the Baita Plai Polymetallic Mine in Romania.

The company said that on the morning of June 8, before the commencement of the second day of formal negotiations and prior to negotiations being concluded, its mine management team were approached by a small group of underground miners who presented themselves at the Baita Plai Administration Offices in opposition to the formal negotiation process. 

READ: Vast Resources releases video of Baita Plai operations

However, Vast said the negotiations were already at an advanced stage prior to the gathering and were subsequently concluded without interruption to either the due process or the company’s mining operations.

The firm said it has become necessary to implement a new and standardised agreement with its mine staff in order for it to continue to expand the operation at Baita Plai, through which the firm will further increase worker benefits by 15% for the period 2021-2023.

Vast also said it has written to the relevant authorities to investigate the attempt to disrupt the CBA negotiations and will reserve its legal rights, adding that the negotiation has concluded without interruption to the processing plant and minimal disruption of underground mining activities, and that mining, concentrate production and sales are continuing.

Shares in the firm were 1.4% lower at 8.6p in mid-afternoon trading on Wednesday.

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