December 16 (SeeNews) - UK-based Vast Resources said on Friday that it expects a 30% quarterly increase in tonnes of ore milled at its Baita Plai polymetallic mine in Romania.
Fourth-quarter production to date is already 15% more than in the third quarter, Vast Resources said in a press release without providing information of ore quantities.
Vast added that it expects production figures to continue to increase also in the first quarter of 2023 and beyond.
"Based on what we have already achieved in the fourth quarter of 2022 and what we believe is the pipeline to the end of the year, production will see a significant increase in mining and concentrate production. This is a result of the changes that have been implemented on site and we look forward to this continued trend," Vast Resources CEO Andrew Prelea said.
So far this quarter, the average copper grade at Baita Plai was of 24%, up by 40% compared to the third quarter, the company added.
Vast also expects a potential quarterly increase of more than 350% in concentrate sales in the last quarter of 2022, on the basis of 335 wet metric tonnes (WMT) shipped to date and a further 180 WMT booked to be shipped before the end of December.
In June, Vast announced that it has doubled the ore milling capacity at the processing plant within Baita Plai to 14,000 tonnes of ore per month, by commissioning a second milling circuit. Company CEO Prelea said at the time he expects mining volumes "to increase dramatically".
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan 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, currently on care and maintenance.
In October, Vast Resources said production from Baita Plai increased by a quarterly 20.37% during July-September 2022.
In September, Vast Resources said it has raised £656,000 ($728,552/ 746,855 euro) from investors to finance operations at Baita Plai.
(GBP=1.1449 euro)