31st Dec 2015 07:39
LONDON (Alliance News) - Vast Resources PLC on Thursday said its pretax loss widened in the first half as it ramped up its operations and transitioned from a junior explorer into a producing miner and generated its first revenue.
Vast's pretax loss for the half to the end of September was USD3.8 million, compared to USD2.8 million a year earlier, though it made its first revenue in the half of USD1.0 million, compared to nothing the year before.
The company has now transitioned over from being a junior explorer to a mining and production company. It completed the construction and commissioning of the Pickstone-Peerless gold mine in Zimbabwe in the half, while terminating its exploration activities both in Zimbabwe and Zambia, save for the Nkombwa Hill Rare Earth project in Zambia, which is being funded by a partner.
Production from Pickstone-Peerless and from the Manaila Polymetallic Mine in Romania is ramping up at a steady state, the company said, and it has established a small administrative office in Romania as it shifts its focus to operations in that country.
Vast acknowledged the challenged faced by the entire mining sector due to low commodities prices and said it will seek to remain a low-cost producer within this tough environment.
By Sam Unsted; [email protected]; @SamUAtAlliance
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