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Vast Resources PLC on Friday said fourth quarter production was up compared to the previous quarter at its Baita Plai Polymetallic Mine in Romania.
The London-based mining company with projects in Romania and Zimbabwe said there had been a 15% increase in production in the fourth quarter of 2022, adding that it expects a total increase of 30% by the end of December.
The company said it expects production figures to increase in the first quarter of 2023, and beyond.
Vast Resources said the average copper grade being achieved in Baita Plai in the fourth quarter was 24%, representing an increase of 40% from the third quarter.
The company also said that that its second November copper concentrate shipment had been delivered, with a further shipment expected in December. Vast Resources said there would be a potential concentrate sale increase of 350%, based on the shipment of 335 wet metric tonnes of concentrate to date, and a further 180 wet metric tonnes booked to be shipped before the end of December.
Chief Executive Officer Andrew Prelea said: ‘Based what we have already achieved in Q4 2022 and what we believe is the pipeline to the end of the year, production will see a significant increase in mining and concentrate production. This is a result of the changes that have been implemented on site and we look forward to this continued trend.’
Vast Resources shares were up 2.2% trading at 0.18 pence per share on Friday afternoon in London.
By Harvey Dorset, Alliance News reporter
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