UK-based mining company Vast Resources said on Tuesday that its copper concentrate production at Manaila mine in Romania increased 44% quarter-on-quarter to 889 tonnes in the third quarter of fiscal year 2017, while zinc concentrate production jumped to 165 tonnes from 35 tonnes in the second quarter.
The improvement in production at Manaila mine in Suceava county, in northern Romania, was achieved despite severe weather conditions, Vast Resources said in a press release.
In the third quarter ended December 31, Vast sold its copper concentrate 23% more expensive, at $1,237 per tonne, compared to end September.
“A primary focus in this and future quarters will be the continued ramping up of zinc production and grade. We are currently producing approximately 80 tonnes per month of zinc concentrate, however our objective is to increase this by up to 85% and to achieve a grade of over45%, which would greatly enhance revenue per tonne moving forward,” CEO Roy Pitchford said. A zinc concentrate grade of circa 30% was achieved on zinc sales in December.
Vast Resources acquired a 50.1% interest in Sinarom Mining Group, the owner of the Manaila Polymetallic Mine, in July 2015.
The company’s portfolio also includes the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
On Monday, Vast Resources said it has secured funding for the development of both mines in Romania and that that there’s no current need to issue new equity during this year.
In January, Vast said that it has sold some of its assets and contracted a long-term loan, raising $8 million to finance operations in Romania.
Vast has signed a conditional agreement to sell 49.99% of its 50% interest in its Pickstone-Peerless gold mine and Giant gold mine in Africa to SSCG Africa Holdings Ltd for $4 million. The group has also agreed to a $4 million long-term loan from SSCG.
In December, Vast has been granted two new prospecting licences, which have demonstrated polymetallic mineralisation, in the vicinity of the Manaila mine. The Piciorul Zimbrului and Magura Neagra licences are both located in the Bistrita-Nasaud county of Romania, near the towns of Zagra Talisua and Zagra Telciu respectively.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe,