Romania: Vast Resources Starts Selling Zinc Produced at Manaila Mine
The British mining company Vast Resources started with the sale of zinc from the Manaila mine. The first contract for a quantity of 200 metric tons of dry concentrate was signed in the middle of this month, the company said.
The commercial production of zinc began in September, when 50 tons of zinc concentrate of 27% purity was produced.
In last three months a lot has been done on increasing the quality of the concentrate, and now a zinc concentrate of 30% purity is being produced, according to a statement from Vast Resources.
The goal of the company is to increase monthly production of zinc concentrate of 85% by the middle of next year, with 80 metric tons at this moment. At the same time, it is planned to reach the purity of the concentrate of 45%.
Roy Pitchford, CEO of Vast Resources said that the company has revenues from sales of copper concentrate and zinc concentrate.
Vast Resources owns 50.1% of the mining project Manaila and 80% of Baita Polymetallic Mine, for which it expects to receive a permit by ANRE. The British company is also the owner of a gold mine in Zimbabwe.
In the first six months of fiscal year 2016/2017, the company achieved revenue of USD 14 million, which represents a significant increase compared to the previous year, when the revenue amounted to one million dollars.
Earnings before taxes amounted to USD 265,000, while the loss of USD 3.6 million was recorded last year recorded.
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