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Vast Resources bullish as sales rise in second quarter

Gold production at the 25%-owned Pickstone mine rose 10% to 6,969 ounces

Sales at both key mines rose

Vast Resources PLC (LON:VAST)  saw record sales at both the Pickstone–Peerless gold mine in Zimbabwe and at the Manaila in Romania in the past quarter.

Gold production at the 25%-owned Pickstone mine rose 10% to 6,969 ounces with sales up 3% at 6,754oz. Grades were 2.48 g/t (2.78 g/t).

READ: Vast Resources raises £1.25mln to help fund work at Baita Plai and Manaila

Manaila, 100%-owned by Vast, saw copper concentrate production rising by 136% to 911 dry tonnes in the three months to June, with grades rising.

Andrew Prelea, chief executive, said Vast had now established a platform to grow production across the group.

“This is particularly true at Manaila, where as a result of the new offtake agreement with Mercuria and improved performance in the open pit and processing plant, we have achieved record sales realisations in Q2 2018.”

Vast shut down production in the first quarter while it overhauled the mining operation and Prelea said the results now show this was the right decision.

“Optimisation of the Iacobeni plant and the open pit at Manaila are continuing in preparation for the increase of production that will result from the new equipment.”

At Pickstone-Peerless, mining is nearing a sulphide orebody, which Prelea expects to lead to an increase in production and quality.

Elsewhere in Zimbabwe, dewatering has started at the Eureka Mine where Vast recently acquired a 23.75% economic interest. 

“The recent visit to the mine by President Mnangagwa was very encouraging and we are proud to play a part in the recovery of Zimbabwe's mining industry,” added Prelea.

Quick facts: Vast Resources PLC

Price: 0.225 GBX

Market: AIM
Market Cap: £27.51 m

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