Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - On Friday, says production from its Baita Plai polymetallic mine in Romania increased by 20% in the third quarter. The last month of the quarter saw an increase in output via the utilisation of Mantis rigs, resulting in a "significant increase in tonnes mined and the quality of the concentrate produced from an average of 16% in July and August to over 22% with peaks of 29%".
In September, underground production at Baita Plai amounted to 7,900 tonnes of ore. Overall third quarter production amounts to 15,673 tonnes or ore, compared to 13,020 in the previous quarter.
Chief Executive Officer Andrew Prelea says: "This has been a successful period which has seen us achieve the uptick in production from September that we have been working towards. I am wholly encouraged by the work that is continuing on the ground as we now plan for further increases in the remaining weeks of [the fourth quarter], and again in [the first quarter] 2023 and onwards."
Current stock price: 0.34 pence, losing 10% on Friday in London
12-month change: down 91%
By Xindi Wei; xindiwei@alliancenews.com
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Vast Res (VAST)