22nd Sep 2015 11:04
LONDON (Alliance News) - Vast Resources PLC Tuesday said it has sold its first copper concentrate from the Manaila mine in Romania and said the quality of its product will continue to improve over the coming weeks.
The company acquired a 50.1% stake in Sinarom Mining Group SRL, the owner of the copper, lead, zinc, gold and silver Manalia mine, back in June.
Vast said it sold 450.0 tonnes of copper concentrate, of which 40.0 tonnes had already been produced from the mine prior to Vast's acquisition. The remaining 410.0 tonnes that were sold was derived from 11,960 tonnes of ore which was mined between August 14 and September 14.
That gives an average copper concentrate grade of 21.2% and a head grade of 1.19%.
The company noted it achieved its guidance to mine 10,000 tonnes of ore per month at a copper concentrate grade of 19% during that period. The 1.19% head grade was slightly below the 1.25% target.
However, the company said the concentrate it has sold "is not expected to be representative of the standard obtained on a regular basis" once production ramps up as it was produced whilst the company rehabilitated the open pit and tested all of its mining and processing procedures.
"In particular the installation of the flotation line for lead and zinc has yet to be completed and consequently no credit has been obtained for these minerals. It is expected that completion of the lead and zinc flotation line and the establishment of a standard quality of concentrate will be achieved within four to eight weeks," said Vast.
"The achievements since acquisition of the Manaila polymetallic mine are remarkable and exemplify what can be achieved in a short time in Romania. The opportunities in country will continue to grow as the Vast team develops, whilst achieving targets," said Andrew Prelea, president of the company's Romanian operations.
Vast shares were down 1.9% to 2.01 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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