Romania’s Baita Plai polymetallic mine production up 20% q/q in Q3

Third-quarter underground production at Baita Plai amounted to 15,673 tonnes of ore, with September being the most successful month, Vast Resources said in a press release on Friday.

The utilization of Mantis rigs in September increased the quality of the concentrate produced from an average of 16% in July and August, to over 22%.

As the beginning of the fourth quarter saw an increased rate of underground production compared to the average rate achieved in September, Vast Resources said it expects continued short-term growth.

"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 Q4, and again in Q1 2023 and onwards," Andrew Pelea, CEO at Vast Resources said.

The company also said that the sale of concentrate expected in mid-October will now occur in the first week of November.

In September, Vast said it has raised £656,000 ($728,552/ 746,855 euro) from investors to finance operations at Baita Plai until it makes the next sale of copper concentrate in the second half of October.

Vast Resources is a United Kingdom, AIM-listed mining company with mines and projects in Romania and Zimbabwe. Its Romanian portfolio includes 100% interest in the producing Baita Plai polymetallic mine, located in the Apuseni Mountains, Transylvania. Vast also owns the Manaila polymetallic mine in Romania, which was commissioned in 2015, and is expected to soon be brought back into production after a period of care and maintenance.

(GBP=1.15 euro)