4th Jul 2018 12:50
(Vast Resources issued correction changing the copper concentrate production in the first quarter of 2018 to 386 tonnes from 361 tonnes)
LONDON (Alliance News) - Vast Resources PLC on Wednesday said production grew across all of its assets over the second quarter of its current financial year.
The mining company saw record production at the Pickstone-Peerless gold mine in Zimbabwe in the three months to the end of June. Ore production was 56% higher quarter-on-quarter at 101,706 tonnes compared to 65,342 tonnes.
Volumes of ore milled reached 98,899 tonnes, up 23% from 80,639 tonnes reported in the prior quarter. The production benefited from an absence of mechanical problems that hampered first quarter's performance, Vast Resources said.
Gold production at the Pickstone also improved by 10% to 6,969 ounces from 6,326 ounces mined in the first quarter of 2018, taking gold sales up by 3.0% to 6,754 ounces from 6,549 ounces.
The company also restarted operations at Manaila polymetallic mine in Romania following plant shut down and pre-stripping in the first quarter of 2018. As a result, ore production at the mine jumped to 26,022 dry tonnes, representing a 70% increase quarter-on-quarter from 15,344 dry tonnes.
Copper concentrate production at Manaila more than doubled to 911 dry tonnes from 386 dry tonnes produced in the first quarter of 2018. Copper concentrate grade improved to 17.9% from 17.3%.
Zinc concentrate production was 80% higher quarter-on-quarter, the company said, at 151 dry tonnes versus 84 dry tonnes with zinc concentrate grade increasing to 35% from 30%.
"I am delighted with Vast's performance in the second quarter 2018, which has seen us translate the initiatives undertaken in previous months into a sustainable foundation for production growth moving forward," said Chief executive Andrew Prelea.
"These are very positive times for Vast as we improve efficiencies and profitability at our current assets while preparing to bring new revenue streams on line for the company and continue looking at new opportunities to expanding the business in order to create value for shareholders," added Prelea.
Shares in Vast Resources were trading 0.4% higher on Wednesday at 0.59 pence each.
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