BUCHAREST (Romania), May 3 (SeeNews) - UK-based Vast Resources Vast Resources said on Tuesday that its gross revenues from the Baita Plai polymetallic mine in Romania fell to $620,638 in the first quarter of this year compared to $970,465 in the last quarter of 2021.
The company operates with limited financial resources, but is currently in the process of refinancing a bond facility, as it continues to arrange concentrate sales from Baita Plai, Vast Resources said in a corporate and operational update.
The company added that it is also looking to bring additional pipeline revenue opportunities to bear and that it remains confident in its ability to keep the business adequately funded.
Despite lower revenues, the amount of milled ore at Baita Plai mine increased by a quarterly 24.2% during January-March, while dry-metric-ton production rose 16.8% quarter-on-quarter.
Copper concentrate production is forecast to increase from June, as a move to mechanised drilling and cleaning will take place. This is expected to be reflected in results from the third quarter onward, Vast added.
Vast Resources is active in both 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, currently on care and maintenance.
In April, Vast Resources raised 420,000 British pounds ($548,024/501,670 euro) through a subscription by existing individual shareholders, which it plans to use to buy equipment for Baita Plai mine.