Vast registers record output in Q3

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AIM-listed Vast Resources registered a record output for the third quarter ended September 30, spurred by increased output at its two operations in Romania and Zimbabwe.

BY BUSINESS REPORTER

“Q3 2017 was a record quarter for Vast, which saw operations at the Manaila Polymetallic Mine in Romania and the Pickstone-Peerless Gold Mine in Zimbabwe outperform the previous quarter in terms of tonnes mined, tonnes milled, copper concentrate produced and gold produced,” the resources firm said.

Ore mined and milled at Pickstone-Peerless rose in the quarter to their highest levels since the June 2016 quarter. It said operations are being managed at maximum milling capacity ahead of commissioning of the new sulphide plant.

Ore mined increased by 4% to 71 553 tonnes in the period from 68 659 tonnes realised in the previous quarter.

Ore milled was up 16% to 68 431 tonnes from 58 923 tonnes in the previous quarter. Gold production increased by 17% to 4 738 ounces from 4 037 ounces in the previous quarter.

At its Romanian unit, Manaila Polymetallic Mine, ore mined in the third quarter was up 46% to 40 462 dry tonnes from 27 707 dry tonnes in the preceding quarter.

There was a 39% increase in tonnes of ore milled.

Vast chief executive, Roy Pitchford said it was pleasing to be able to report improved quarterly production statistics as the company strives to become overall cash generative.

“It is of equal importance that our development initiatives at both Manaila, namely the drilling programme at Carlibaba, ahead of the proposed second open pit and new metallurgical complex, and Pickstone-Peerless, specifically the advancement of the sulphide plant, have both made considerable progress. This work is a crucial component of long-term strategy to become a profitable mid-tier producer,” he said.

“Separately, the progress on the Baita Plai association licence and the anticipation of recommencing mining and processing operations at this mine during the current quarter are both encouraging and we will continue to report of developments as appropriate.”