VAST Resources has reported a 22% output surge at its Baita Plai Mine in a development which has seen the concern’s stock price going up.
The renowned miner with operations in Romania, Tajikistan and Zimbabwe reported that 25 388 tons of ore were mined at Baita Plai pushing output to 22% from 20 738 tons recorded during the Same Period Last Year and 5% higher than 24 178 tons in the final quarter of 2023.
“The mine’s copper concentrate grade was 20%, versus 23% a year previously but higher than 18% in the fourth quarter of 2023. Baita Plai is located in the Apuseni Mountains, Transylvania. Further, notes “pleasing progress” at the Aprelevka mine in Tajikistan, with gold production at 933 ounces in May, up 16% from 805 ounces in April,” said the miner in an update.
Resultantly, the current stock price of 0.32 pence per share went up by 42% midday Tuesday.
The AIM-listed miner said the copper content of concentrate has improved versus the previous quarter as the Company began to access higher-grade zones.
As announced previously, production levels have been constrained as the Company awaits the finalisation of the refinancing with the owner of the Swiss investment company. The licence extension documentation for the mine was finalised and submitted by the 12 May 2024 deadline.
At Apreleveka Mine, the company realised pleasing progress after implementing cost savings of approximately 25% in the production costs, mainly by decreasing crushing size and reducing grind sizing, decreasing the use of cyanide and consumption of carbon as well as reducing the number of elutions from once per day to twice per week, resulting in an increase in gold recoveries from 78% to 84.3%.
“The changes in crushing have also resulted in an increase in throughput through the plant from 800 tonnes per day to 950 tonnes per day. Gold production has increased from an average of 622 oz per month from January – March 2024 to 805oz in April and 933oz in May with further improvements ongoing that will realise further gains in gold production,” said the company. – (New Zimbabwe)
