Vast Resources Share News (VAST)

(ShareCast News) - Polyus Gold slashed costs to improve its first half profits by 130% to $582m from $253m the year before.The strong result boosted the share price of Russia's largest gold producer by 3.19% at 1042 BST to 194p.While revenue was flat, up 1% to $1.02bn from $1.01bn, Polyus Gold was able to boost profits as production costs were lower due to a weak rouble, and the roll out of other cost cutting initiatives.Total gold production was up in the first half by 5.24% to 783koz from 744koz the year before, and Polyus Gold said it was on track to produce 1.63-1.71 moz of gold in the full year."The first half 2015 strong financial and operational results provide a good foundation for a solid financial performance in FY 2015," Polyus Gold said.The company continued to work on its onsite infrastructure for its Natalka project, and said it would update the market on that mine in autumn 2015. Shares in Vast Resources surged after it announced the commissioning of the ball mill and the carbon in leach plant at the Pickstone-Peerless gold mine in Zimbabwe.The AIM-listed resource and development group said this will facilitate the start of gold absorption, marking a further milestone in its transition into a cash-generative company.The mine is being commissioned with a targeted initial annualised gold production of circa 10,000 ounces from an initial mining rate of 10,000 tonnes of ore per month, from the project's open cast oxide gold cap. The first gold production is targeted for the end of August 2015.Chief executive officer Roy Pitchford said: "The commencement of gold production at Pickstone-Peerless Gold Mine in Zimbabwe, following the commencement of production at the Manaila Polymetallic Mine in Romania, will be a further step in the process of transitioning Vast into an operating mining entity. With first gold sales targeted for the end of the month, we will have revenue from two operating mines."Whilst the focus will remain in ensuring optimal production levels are achieved at the Pickstone-Peerless Gold Mine and Manaila Polymetallic Mine, more focus is now being placed in bringing the third mine in our portfolio, the Baita Plai (formerly Baita Bihor) Polymetallic Mine, into production." Shares in back office software company EG Solutions rose after the company said it would lift first half revenues in a trading update.EG Solutions shares were up by 1.49% to 68p at 1157 BST after the company said it would post about £3.6m in revenue for the first half.This was 16% higher than last year's first half revenue of £3.1m.The AIM listed company said it would post a loss before tax of approximately £0.3m which it said reflected investments undertaken before its placing in January.The company said its order book of multi-year contracts to be recognised over the next 3-4 years had risen to £15.5m from £13m from the year before.In a separate announcement EG Solutions said Robert Joseph Krakauer had joined its board, effectively immediately, to replace Spence Mallder.FinnCap said in a note trading had so far met its expectations, and EG Solutions had invested significantly since raising funds in January."The improving order book as well as new product launches - expected in September - are evidence of their positive contribution," FinnCap said.