Vast Resources gold production surges 62%

AIM-listed mining company Vast Resources PLC says its Pickstone-Peerless Gold Mine (PPGM) has increased monthly production output, with ore processing now reaching 20 000 tonnes.



Vast Resources has Pickstone-Peerless Gold Mine (PPGM) in Zimbabwe and Manaila Polymetallic Mine (MPM) in Romania.
In a statement, the company said PPGM recorded a 14% increase in ore milled to 61 577 tonnes as compared to 54 237 tonnes in the first quarter of 2016.

It also recorded a 62% increase in gold production to 4 542 ounces from 2 808 ounces in the first quarter.

In the quarter under review, PPGM said the plant milled 61 577 tonnes during the quarter and was now at a steady state, consistently producing in excess of
20 000 tonnes per month.

The group said a total of 4 021 ounces of gold were delivered to the Reserve Bank of Zimbabwe.

“Vast continues to make solid progress at the two operating mines under its control. PPGM has again produced exceptional results — with both production and operating cost metrics beating market expectations,” Vast chief executive Roy Pitchford said.

“The focus at MPM continues to be cost control and operational efficiencies. The progress on controlling costs has been positive, which is seen in a 3% reduction in our cost per tonne milled metrics, but the plant efficiencies during the quarter were disappointing, resulting in a 45% increase in MPM’s cost per tonne of concentrate produced.”

The group said the test work being carried out by a United Kingdom firm, SGS, and managed by Minxcon on behalf of Vast to optimise the plant configuration and associated recoveries has been in progress since May 2016 and the company was confident this would reflect in increased plant efficiencies and concentrate grades.

“With regards to the sub-licence for BPPM, the company continues to engage with the relevant authorities in Romania. Vast understands the shareholder frustration related to the continuous delay in the granting of this sub-licence. As soon as there is further news regarding this, we will update the market without delay,” Pitchford said.

MPM recorded a 33% increase in ore milled to 29 830 tonnes from 22 510 in the first quarter of the year.

It also recorded a 12% decrease in concentrate produced to 727 tonnes from 822 tonnes in the first quarter.

1 Comment

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