(Alliance News) - Vast Resources PLC on Wednesday said fourth quarter copper production was up from the third quarter at its Baita Plai polymetallic mine in Romania.
The London-based mining company with projects in Romania and Zimbabwe said copper concentrate production at Baita Plai increased to 498 wet metric tonnes in the fourth quarter of 2022, rising 46% from 340 WMT in the third quarter.
The average grade of copper concentrate produced in the fourth quarter also increased to 23%, up from 17% in the third quarter, the company said.
The company reported that tonnes mined increased to 17,343 up 11% from 15,673 in the third quarter, with production continuing with minimal down time during the Christmas and New year period, which Vast Resources says supports its target of moving towards name plate capacity of 14,000 tonnes per month in the first half of 2023.
Chief Executive Officer Andrew Prelea said: "Management strongly believes in Baita Plai's increasing performance and to achieve our goal of heading towards name plate capacity in H1 2023. Based on current production trends we have seen another significant increase in production and sales in Q4 2022 and we expect to see the trend continue into Q1 2023 and beyond."
The company said the amount of copper concentrate sold in the fourth quarter was 546 WMT, multiplying from 154 WMT in the third quarter, with a shipment delivered in December, and the next shipment planned for the second half of January.
Vast Resources shares were down 7.7% trading at 0.18 pence per share at midday on Wednesday in London.
By Harvey Dorset, Alliance News reporter
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Vast Res (VAST)