(Sharecast News) - Mining company Vast Resources announced on Wednesday that it achieved a 47% quarter-on-quarter overall increase in copper concentrate production in the fourth quarter, as well as a 248% increase in copper concentrate sold and a 35% increase in copper concentrate grade from its Baita Plai polymetallic mine in Romania.
The AIM-traded firm said that, further to the interim production update it made in December, it had exceeded the forecasted figures announced on 16 December, and that the December shipment was delivered as stated.
Looking ahead, Vast said production continued during the Christmas and New Year period with "minimal" down time at Baita Plai, supporting its target of moving towards nameplate capacity of 14,000 tonnes per month in the first half of this year.
The company said it could also confirm that it was still scheduling further sales of concentrate, with the next shipment planned in the second half of January.
"Fourth quarter production has seen a significant increase in mining and concentrate production as a result of the changes that have been implemented at Baita Plai during the course of the second half of 2022," said chief executive officer Andrew Prelea.
"Management strongly believes in Baita Plai's increasing performance and to achieve our goal of heading towards nameplate capacity in the first half of 2023.
"Based on current production trends we have seen another significant increase in production and sales in the fourth quarter of 2022, and we expect to see the trend continue into the first quarter and beyond."
At 1504 GMT, shares in Vast Resources were down 5.18% at 0.19p.
Reporting by Josh White for Sharecast.com.
Vast Res (VAST)